Rs 37,000 crore investment plan to boost innovation, create jobs: Anand Mahindra

New Delhi, Aug 1 (IANS) The Rs 37,000 crore investment plan of Mahindra & Mahindra (M&M) over the next three years is a testament to our commitment to boost growth, innovation and job creation in the country, Mahindra Group Chairman, Anand Mahindra, said.

Urging the private sector to utilise the government’s employment-linked schemes, announced during the Union Budget 2024-2025, Anand Mahindra said that this approach will help create more jobs for the youth, especially the fresh talent coming out of colleges.

The Mahindra Group Chairman, while addressing shareholders at the annual general meeting of Mahindra & Mahindra (M&M), said it is a collective responsibility of the private sector and the government to generate employment for nation-building.

He said that as India stands to benefit from the re-orientation of global supply chains, its growth and prosperity must be driven by job creation.

The Group reached over 2.2 lakh women through skilling interventions, including employability-focused training and domain-specific skill development in FY24.

Employment generation coupled with improving employability is the priority of the government and it has taken various steps to generate employment in the country.

The Budget 2024-25 announced five schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore.

According to the government, the unemployment rate for youth aged 15 to 29 years has been declining steadily over the last five years.

According to data tabled in the Parliament this week, it has come down from 17.8 per cent in 2017-18 to 10 per cent in 2023-24.

Meanwhile, the micro, small and medium enterprises (MSMEs) in India have generated more than 20.5 crore jobs in the last four years, the Centre informed this week.

More than 12.5 crore jobs were created from FY14-23, with an average of 2 crore jobs per year.

There has been a 56 per cent rise in workers’ income (FY22-23) and India is on track to become a $10 trillion economy.

–IANS

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