22% jobs growth by 2028 as GDP moving to $5-trn mark

New Delhi: As India approaches its $5 trillion economy goal, overall employment could rise by 22 per cent, while unemployment could decline by 97 basis points by 2028, a report showed on Tuesday.

The ‘India Employment Outlook 2030’ report by Observer Research Foundation, explored trends across India’s job market at a time of geopolitical churn, supply chain disruptions, and a decline in manufacturing, but an explosion of services.

India’s economy could touch $5 trillion by 2026-27, driven by the pool of human capital that its young population represents, and undergirded by robust public investment and private consumption, contends the report.

It identifies sectors that the country’s 600-million-plus population of people aged 18-35 years regard as aspirational, as these sectors could act as engines of growth in the years ahead.

The service sector in particular is set to witness significant job creation with each unit rise in services output expected to contribute to a substantial 0.12 per cent increase in employment.