New Delhi, January 9 (IANS). Well-known industrialist and former Infosys board member TV Mohandas Pai has said that India’s economy is in good shape and the country’s economic growth is expected to be 7.5 percent or more in the current financial year. Also said, jobs are being created rapidly in the country, hence the biggest focus in the Budget 2026-27 should be on employment only.
Speaking to IANS, Mohandas Pai said that every year 1.2 to 1.4 crore people are joining EPFO and making payments through Aadhaar card.
“Don’t believe all those leftist JNU supporters who say there are no jobs. Jobs are being created,” he said.
He further said, “However, India’s biggest challenge is that the number of youth in the country is very high. Between 1990 and 2010, about 50 crore children were born, who have now come of working age. Every year about 2.5 crore youth come in search of work, out of which about 1.82 crore people want jobs.”
He said that 80 percent of the jobs pay less than Rs 20,000, hence the country needs to create good and high paying jobs, especially in cities.
Pai suggested further strengthening the skill scheme of the central government. He said that the government should declare 350 poorest districts of the country as Special Employment Zones (SEZ) and said that if any person or company gives a job there and deposits ESI and PF for the employee, then the government will provide an assistance of Rs 2,000 every month for that employee for two years.
Pai said that companies have to provide training to people when they employ them in villages and small towns. Therefore, the government itself should bear the expenses of ESI and PF for two years. This will create a large number of jobs in poor districts.
He suggested that roads, water, sanitation and other facilities should be developed in 5,000 small towns of the country. With this, small industries will start there and people will get work in their own cities. Pai believes that this will reduce labor shortage in big cities and wages will increase.
Mohandas Pai further said that the government should select 10 big cities of the country and give them Rs 5,000 to 10,000 crore every year for the next 5 years, so that the quality of roads, water, sewer and air can be improved there.
He said that the banking sector of the country is strong and investment is increasing rapidly. This year the investment is expected to be around Rs 95 lakh crore. The country’s economic growth next year may be 6.5 to 7 percent, even if there is uncertainty in the world.
Regarding the IT sector, Pai said that more funding is needed to advance the IT and startup sector. He said that in the last 11 years, Indian startups got funding of $ 160 billion, while China got $ 845 billion and America got funding of $ 2.35 trillion. So we need more funding.
Pai said the startup fund was launched in 2015 and has been successful with a capital infusion of Rs 10,000 crore. So I think it is very important for the government to do this the right way. Funding for IT startups and advanced technology is important, and I hope they will do so.
Pai questioned why we cannot spend Rs 50,000 crore every year on innovation. China leads the way globally, spending $150 billion on AI in the last seven years and $300 billion on electric vehicles in the last 10 years.
“We have received AI funds ranging from Rs 11,000 crore to Rs 12,000 crore. Yet, they are dividing it among small companies,” he said.
Pai further said that the world is changing rapidly. In such a situation, the government should spend Rs 40,000 to 50,000 crore every year for innovation and new technology, so that India can move forward rapidly with the world.
–IANS
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