Profit Growing, Hiring, Salaries Not So Much: Centre's Message To India Inc
NDTV
The Centre has stressed that job creation happens mainly in the private sector and said it is in the interest of the companies to "step up hiring and worker compensation".
The corporate sector in India has been posting impressive financial performances, but recruitments and salary growth of employees have not kept up with the companies' profit, the government has said in the Economic Survey for 2023-24.
Stressing that job creation happens mainly in the private sector, the government said, "In terms of financial performance, the corporate sector has never had it so good. Results of a sample of over 33,000 companies show that, in the three years between FY20 and FY23, the profit before taxes of the Indian corporate sector nearly quadrupled... Hiring and compensation growth hardly kept up with it. But, it is in the interest of the companies to step up hiring and worker compensation."
The Economic Survey also underlined that many issues that influence economic growth, job creation and productivity lie in the domain of state governments. It called for a tripartite compact between the Centre, the states and the private sector "to deliver on the higher and rising aspirations of Indians and complete the journey to Viksit Bharat by 2047".
