12 Million Jobs A Year Created In Formal Sector In Last 4 Years: PM Modi

Prime Minister Narendra Modi on Monday took on those criticising his government for reneging on the promise of creating employment, saying the formal sector alone has generated 12 million jobs in a year in the past four years.

Addressing a News18 media group event, he admitted a lot needs to be done on the work front.

Rolling out statistics, he said 500,000 people joined the Employees’ Provident Fund (EPF) a month during September 2017-November 2018. Similarly, Employees’ State Insurance Corporation (ESIC) saw 10,000-11,000 subscribers a month during this period.

“Even if one assumes there is 50 per cent overlap between EPFO and ESIC data, 1 million people joined the formal sector in a month. This means 12 million jobs were created in the formal sector in a year in these four years,” he said.

He said figures revealed by state governments corroborated these numbers.

For instance, West Bengal government said 900,000 jobs were generated in the state last year. Karnataka said 5.3 million jobs were created in the last five years. “Is it possible jobs are being created in West Bengal and Karnataka, but not in India?” he wondered.

He questioned analysts if it is possible that jobs are not being created at a time when India has become the fastest-growing large economy. “When international reports are saying poverty in India is reducing at the fastest rate, is it possible people are coming out of poverty without jobs and livelihood?” he asked.

He cited other statistical numbers to puncture the claims of his critics on jobless growth. For instance, he said roads and rail tracks are being laid, houses are being built for the poor, dams are being built, airports are being set up. “Can all this happen without creating job opportunities?” he expressed surprise. 

In the past four years, the number of foreign tourists rose by 40 per cent, foreign exchange earned through them increased by 50 per cent, he said, buttressing his points on job creation.

Citing the income-tax data, he said 600,000 professionals joined the system in the last four years. They must have required supporting staff as well. “They themselves have given employment to lakhs of people,” he said.

He said 150 million people were given over Rs 7 trillion of Mudra loans. Of these, 40 million were young borrowers who took loans for their businesses. “Is it possible that loans were given to small businesses, but jobs are nowhere?” he further wondered.

Hitting out at the Opposition, Modi said nearly 80 million “fake beneficiaries” were getting government aid during earlier regimes and Opposition leaders have now gathered to “abuse” him as he has stopped their means of “looting” taxpayers’ money.

Citing schemes like Jan-Dhan Yojana and Aadhaar linking, Modi said these efforts made since his government came to power in 2014 has led to more than Rs 1.10 trillion of exchequer’s funds being saved from going to such “fake beneficiaries”.

The Prime Minister said if one wants to indulge in scams now, they cannot do so as he has blocked all means of “looting” public money.

“In past, there were nearly 80 million fake beneficiaries who were getting central monetary aid. Our government stopped it. Leaders of Opposition parties have gathered to abuse me as I have stopped means of pocketing taxpayer’s money,” he said.

---

Source: Business Standard

Image Courtesy:LiveMint

---