Motilal Oswal
  • SENSEX
    NIFTY 50
Motilal Oswal
VIDEOS
Business

Prime Minister Narendra Modi says his government created 1.2 crore jobs a year

Updated : February 26, 2019 06:33 AM IST

About 1.2 crore jobs have been created every year under the National Democratic Alliance (NDA) government, Prime Minister Narendra Modi said on Monday.

He cited data from the Employees’ Provident Fund Organisation and the Employees’ State Insurance Corporation to make his case. Assuming 50 percent overlap between EPFO data and ESIC data, he said 10 lakh jobs were being created every month, working out to 1.2 crore jobs a year.

“It is not a survey of a few thousand people is giving us these numbers. It is actual data,” the prime minster said.

Modi was speaking at the Rising India Summit, the most anticipated event in the world of news and current affairs. Rising India is the preeminent forum for the country’s biggest newsmakers and the best ideas. Modi came to power in 2014 with the biggest mandate in nearly three decades. A general election is set to be announced in the next few weeks as Modi bids for another term.

He cited growth in a number of sectors, such as tourism and infrastructure creation, and pointed to data on job-creation from states such as Karnataka and West Bengal to make the case that the National Democratic Alliance government had created employment opportunities at a brisk pace.

“Is it possible that India has become the world’s fastest-growing economy without creating jobs? When Foreign Direct Investment is at an all-time high, is it possible there is no job creation? Are people coming out of poverty without job creation?” he asked.

The Prime Minister assailed the opposition, which he said had ruled the country for the best part of India’s independence but failed to deliver results. He pointed to projects in Uttar Pradesh and Bihar which had not been completed for decades. “I am here to change the Late Lateefi culture. Whatever happens, taxpayer money should not be wasted,” he said.

Modi held up the key programmes of the government, among them Jan Dhan to open bank accounts, the Aadhaar unique identity project and their linkage with mobile phones.

Because of the JAM trinity, fake names had been weeded out and government benefits worth Rs 6 lakh crore had been transferred directly to citizens, saving Rs 1.1 lakh crore, he said.

“The scope for leakage is zero. If someone wants to carry out a fodder scam, how will he do it? ... Now I am proud to say that instead of 15 paise out of every rupee earlier, the full 100 paise is reaching people,” the Prime Minister said.

Before 2014, indicators which had to rise were falling those meant to fall were rising, he said, castigating the opposition. “Under the previous government prices were hitting the skies. Under our government inflation is down to between 2 percent and 4 percent. Income tax rates have been falling and exemption limits rising.”

Modi said, "Is it possible that with India growing at record rates, there are no jobs in the country? With FDI at an all-time high, Indians moving out of poverty at a record rate, roads and railway lines being constructed, how is India not producing jobs? More than 6 lakh professionals have joined the workforce in the last four years, these professionals have themselves created lakhs of jobs."

"The transport sector has seen a boom. 7.5 lakh cars have been sold in the last financial year. How are so many commercial cars being sold if there are no jobs? Taking the example of PM Mudra Yojana, more than four crore young individuals have applied for a loan for the first time for their business. Is it possible that so many people are taking loans without jobs? Between September 2017 and November 2019, more than 5 lakh people have been registered under EPFO."

Talking on Kisan scheme, Prime Minister said, "The government is going to put Rs 6,000 directly into the bank accounts of farmers, which can help them to buy seeds and fertilisers. The government will put Rs 70,000 crore into bank accounts of farmers. We have also made this scheme leak-proof. We have removed the concept of ‘kuchha’ and ‘pucca’ receipts. My priority right now is to make the best use of every paisa paid by the honest taxpayer."

Slamming previous Congress government, he said, "In the time of UPA government, India was put in the category of fragile five in 2013. Now, India has not only moved out of the fragile five group, but it has also become the fastest growing economy in the world. Congress also left no stone unturned in bringing shame to the country in terms of business. During 2014, we slipped to 142 rank from 132. Now, we are at the 77th spot, up by 23 spots in the ease of doing business rankings."

Sadhguru Jaggi Vasudev and Baba Ramdev began proceedings at the Rising India Summit on Monday with a ‘The New Mantras for India’ moderated by poet-adman and CBFC chairman Prasoon Joshi.

Corporate titans Ajay Singh, Suneeta Reddy and Robin Raina were joined by policy-makers Subhash Chandra Garg and Amitabh Kant to discuss ideas for a new growth impetus. Union ministers Ravi Shankar Prasad, Piyush Goyal and Suresh Prabhu promised to return with renewed vigour and Madhya Pradesh chief minister Kamal Nath asserted that his top priority is addressing farm distress.

Audiences can look forward to watching a galaxy of stars in action on Tuesday. Among those will be BJP President Amit Shah, union ministers Arun Jaitley, Smriti Irani and Rajyavardhan Rathore, boxer Mary Kom, cricketer Anil Kumble, actors Kamal Haasan and Taapsee Pannu, Supriya Sule of NCP, Chirag Paswan and Congress social media head Divya Spandana.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV