It is well known that India is the fastest growing economy in the world with latest GDP growth being 7.1%, ahead of China’s 6.7%. A large part of that is due to the commercial expansion that has occurred in India in the past decade. Partly due to relaxation of various FDI norms by the Modi government, the boom in the Indian economy has created a tremendous amount of jobs. With all sectors enjoying this growth, now is the best time to be a job seeker in India.
When we talk about job creation, we have to look at startups and e-commerce websites. They have indeed been the defining industry of the past few years. Due to the increased logistical reliance that these companies have, the opening of one creates more and better-paying jobs than any conventional company does. Also, they seldom operate in isolation, with the IT, transport and financial industry being the core players. This opens multiple avenues of business dealings and with each step, more jobs
With the advent of FDI, it’s like the gear has been cranked to 11. What has been evident with the entry of Amazon just 3 years ago and the declining market share of Flipkart is that a wider and more experienced logistical and customer service team, backed by a 5-billion-dollar investment from its parent company, can give the market leader a run for its money. Amazon is just getting started, with plans of further expansion which started with the rolling out Prime services and video streaming services in the near future. With such a competitive market, it is no doubt why e-commerce establishments, small or big, have been the major employers in the recent past.
Apart from the strong growth in our industrial sector and commercial sector, the biggest effect of the FDI norms can be felt in the aviation and railway sector. With 100% automatic FDI allowed in railways and 74%, regulated above 49%, in aviation, we’ve seen many investments from foreign players like Etihad, Singapore Airlines, and AirAsia. New airports, also called greenfield airports, are coming up, again thanks to 100% FDI.
All of these investments, entry of foreign companies, from the automobile to the hospitality industry, show enormous promise to today’s working youth. Companies are founded by a handful of people but it grows on the shoulders of the nation’s workforce. Are you ready to join the revolution and start working?