Private sector must utilise govt schemes for job creation to drive economy: Anand Mahindra

Private sector must utilise govt schemes for job creation to drive economy: Anand Mahindra

India's private sector must utilise government's recently announced schemes, such as support to employers in creating roles for first-time employment and increasing new hires, to propel the country's economy over the next decade, Mahindra Group Chairman Anand Mahindra said on Wednesday.

Addressing shareholders at the annual general meeting of Mahindra & Mahindra Ltd (M&M), he reiterated that growth and prosperity must be driven by job creation and it is a collective responsibility of the private sector and the government and broad-based effort is essential for generating employment.

He also asserted that increasing employment and skilling are key national priorities, as emphasised by Finance Minister Nirmala Sitharaman in her Budget 2024-25 speech.

"While India stands to benefit from the re-orientation of global supply chains in the post-pandemic world, our growth and prosperity must be driven by job creation. It is a collective responsibility, and the Indian private sector has always partnered with the government in nation-building," Mahindra said.

Once again, he said, "A broad-based effort is essential to generate the employment needed to leverage our demographic dividend." Mahindra pointed out that the government's recently announced schemes to support employers in creating roles for first-time employment, increasing new hires, and creating jobs in manufacturing are encouraging.

"To truly propel our economy over the next decade, the private sector must utilise these schemes and create an explosion of new jobs, positively impacting the economy directly and through multiplier effects," he added.

On the road ahead for the company, he said, "Looking ahead, we are excited about the future…While we continue to invest in building manufacturing capacity, we must also be aware of the important role the private sector plays in job creation." M&M's investment plan of Rs 37,000 crore over the next three years is a testament to the group's commitment to growth and innovation, he added.

He said the Mahindra group is already working on skill-building programmes to increase technical know-how and female workforce participation.

"In FY2024, we reached over 2.2 lakh women through skilling interventions, including employability-focused training and domain-specific skill development. As we continue to grow our businesses, we remain committed to driving increased employment across the country," Mahindra said.