Government initiatives such as Startup India, Make in India, New Education Policy, and others have played an important role in creating employment for people in private sector on such a large scale, Vivek Singh, Professor at NMIMS University, Economist and Political Analyst, said on Saturday.
According to HSBC’s flash Purchasing Managers’ Index (PMI) data, output growth across India’s private sector regained growth in June with business activity increasing at quicker rates among manufacturing companies and services firms while hiring of workers shot up to an 18-year high.
“It is a matter of great happiness that the record has been broken in the last 18 years and the private sector has done the most job creation in the month of June 2024,” Singh told IANS.
The final manufacturing, services and composite PMI figure grew by 0.4 percentage points to 60.9 in June, compared to a downward revised figure of 60.5 in May.
“Increased business activities and growth in sales have had an impact that so many jobs have been created in the private sector,” said Singh.
Maitreyi Das, Global Economist at HSBC, stated that the composite flash PMI ticked up in June, supported by rises in both the manufacturing and service sectors, with the former recording a faster pace of growth.