Manufacturing sector to generate 28 million new jobs by 2015

New Delhi: With industrial output growing at larger scale, the manufacturing sector will be a major contributor to new employment and is likely to generate 27.95 million jobs by 2015, according to study.

The study 'Emerging Future Jobs' done by the Associated Chambers of Commerce and Industry of India (Assocham) has projected 87.37 million new jobs by 2015, with 32 percent share held by the manufacturing sector, followed by trade and construction. The share of agriculture is expected to decline.

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The chamber said that the next most important source of new employment is expected to be trade with 24.24 million new jobs, followed by construction with a figure of 15.13 million. "Manufacturing will have the highest employment potential because after agriculture it accounts for the largest share of jobs at 12.5 percent among different divisions of economic activity. A faster growth of employment in it, therefore, would mean addition of a large number of jobs," said the Assocham.

The study also estimated that though financial services have a small share of 3.4 percent in total employment at present, its contribution will almost double, reported Economic Times.