Indian firms to create 1.6 lakh jobs

By siliconindia   |   Saturday, 30 August 2008, 04:56 Hrs
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New Delhi: The investment plans, totaling to Rs 10,50,951 crore, announced by Indian companies during the first half of 2008 are expected to generate 1,63,770 jobs in the next three to four years, said a report by the Associated Chambers of Commerce and Industry of India (Assocham). Maximum job openings will be created in sectors like textiles, IT, real estate, financial services are expected to create in the next few years, says Assocham Investment Meter. "The massive investment announcements in the past six months will boost the overall employment situation in the country," Assocham President Sajjan Jindal said. According to the report, many companies plan to expand their operation in India, ensuring an increased number of jobs here. Textile firm Rayon Fashion, which plans to set up fabric and garment facilities in Maharashtra, would create employment for 82,000 people by end of this fiscal, while outsourcing firm Genpact is expected to employ 30,000 people in its upcoming IT SEZ in Jaipur. Mahindra's integrated township World City in Chennai is likely to employ 15,000 people. Religare Finvest and Himalaya International would add 10,000 and 6,000 personnel, respectively, for their projects. Location-wise, Tamil Nadu with a strong manufacturing base, would witness the maximum employment generation, followed by West Bengal, Hyderabad and Bangalore. Of the total 24 states tracked by Assocham's Research Bureau, Andhra Pradesh, Maharashtra, Orissa, Rajasthan and West Bengal were the most preferred investment destination by private players.