Modi says govt focus is on 'maximum job creation', attacks Opposition

He accused the Congress party of delaying the development of the country for 70 years.

The government’s focus is to create jobs through reforms that strengthen the economy, said Prime Minister Narendra Modi on Thursday in a Parliament speech accusing his political rivals of years of indecision when they governed India.

"We have maintained the fiscal deficit; the macro economy is stable too. FDI and revenue collection under GST have been on the rise. Our vision is greater investment, better infrastructure, increased value addition and maximum job creation," he said in his reply to the President’s speech to Parliament last week.

"President highlighted vision for New India, his address comes at a time when we enter the third decade of the century. The NDA government's aim is speed and scale, determination and decisiveness, sensitivity and solutions," said Modi in Lok Sabha.

"Agricultural budget, which was earlier Rs 27,000 crore has now been increased by five times to about Rs 1.5 trillion.

Driven by politics, some states are not allowing farmers to benefit from PM-Kisan Scheme. I appeal to them, please let there be no politics in farmer welfare. We all have to work together for the prosperity of farmers of India," he said about his government’s signature farm scheme.

He accused the Congress party of delaying the development of the country for 70 years. "Had we continued with thinking of Opposition, Ram Janmabhoomi would continue to be a disputed issue. Had we continued with the same path of yours, Article 370 would not have been abrogated, triple talaq would not have ended. Had we continued with the Congress' path, we would have continued to wait for next-generation fighter planes and creation of the Chief of Defence Staff (CDS)," Modi said.

Modi’s government last week presented its annual budget that proposed tax cuts for individuals and wider deficit targets, but analysts said it failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs.

Job woes to remain if manufacturing doesn't pick up: Kotak Securities

The merger of SBI with associates had resulted in restructuring of the workforce.

Business Standard : Growth momentum in India may turn out to be a “jobless growth scenario” in the next 3 years, if the manufacturing sector fails to pick up, said brokerage house Kotak Securities.

According to Kamlesh Rao, MD and CEO of the firm, job op­portunities in the services se­c­tor — a key contributor of em­p­loyment — are expected to re­d­uce in the current economic scenario. “The services sector, which fuels job growth, will definitely go down. And so, the manufacturing sector is needed which can create job opportunities”, he said. He was res­p­o­nding to questions asked over merger of public sector banks, and other such proposals.

The merger of SBI with associates had resulted in restructuring of the workforce, but such fears have been allayed among other public sector firms in banking and insurance sector. In a reply to Lok Sabha last December, Pon Radhakrish­nan, Minister of State for Finance, had said the services sector had contributed 53.9 per cent to the country’s gross value added at current prices, during FY18.

The manufacturing sector, on the other hand, accounted for 16.7 per cent of the GVA.

ALSO READ: Modi govt needs to review manufacturing, private sector investment

The brokerage firm said the government needs to attract foreign direct investment in manufacturing to make India a global hub, and that the move may entail improvement in ease of doing business along with land and labour laws in the country.

“The trade war between the US and China presents India with a huge opportunity to develop its manufacturing vertical. The global situation might bring the markets down, but it’s an opportunity at the same time,” he said.

Rao feels the government needs to act on reforms in the next two fiscal quarters to keep growth momentum in the country, as well as the bourses, going.

He opined that the IBC resolution process needs to be fastened and steps needs to be taken to solve the liquidity situation of non-banking financial companies. Increase in financialisation and conversion of savings into investments have also been suggested by Kotak Securities.

Cloud computing to help generate over 1 mn jobs in India by 2022: Report

The rapid growth of cloud-native services and increasing acceptance of cloud-based environments.

With cloud computing becoming more prevalent in companies, both large and small, the global requirement for professionals is steadily on the rise and over a million jobs in the sector will be created in the country by 2022, according to a report.

Companies are currently investing 4.5 times the rate of traditional IT spending in cloud infrastructure, and it is expected to grow even faster by 2020, according to a report by ed-tech platform for executives Great Learning.

The report is based on conversations with senior cloud experts, recruiting managers as well as subject matter experts and is supplemented by data from high-quality industry research reports.

In the coming years, however, nearly all IT expenditure will be on a private, public or hybrid cloud environment, making all IT roles, in some sense, cloud computing roles, it added.

The Indian cloud computing market, currently at $2.2 billion, is expected to grow to USD 4 billion by 2020 with an annual growth rate of more than 30 per cent, it added.

The rapid growth of cloud-native services and increasing acceptance of cloud-based environments as secure coupled with a need to save costs are driving companies away from traditional data centres (DCs) to cloud environments.

In India, IT giants are now building solutions on the cloud rather than on physical infrastructure due to increased flexibility, scalability and speed.

"A quick search on popular job boards shows hundreds of open jobs in various roles that require cloud computing expertise. An estimated 1 million new jobs will be created in India by the year 2022 as more companies adopt cloud technology," it added.

According to the report there are about 18 million cloud computing jobs worldwide at the moment with a salary of over USD 1,00,000 per annum.

The salary for a leading cloud professional can go as high as USD 2,80,000 per annum, it indicated.

In India, the salary for an entry level (0-2 years of experience) cloud professional is around Rs 5-7 lakhs which is significantly greater than that of a traditional IT engineer, who would earn about Rs 3-5 lakhs.

The salary for an associate working in cloud with less than 5 years of experience can range from Rs 12-19 lakhs and a mid-level manager can easily command upwards of Rs 20 lakhs.

Cloud architects and other specialists with 10-15 years of experience can earn over Rs 30 lakhs, it added.

More than 1.7 million cloud jobs worldwide remained open as technical recruiters face difficulties in filling out job vacancies in cloud.

Business Standard