The President further said that livelihood security cannot be complete without the provision of social security and suggested that schemes like 'Swavalamban' that deals with unorganized sector pension should fully cover the unorganized sector workforce.

In India, over 85 per cent of the working population or an estimated 400 million people work in unorganized sector.

Asserting that a multi-modal approach was necessary for generating jobs, Mukherjee said that manufacturing has to be invigorated as the potential of this sector as mass employment generator is immense.

He hoped that the investor-friendly initiative of 'Make in India' would lead the country's economy to be a manufacturing hub of low cost but high quality products.

"Skill development on a massive scale, say 500 million persons by 2020 as envisaged by the National Policy on Skill Development is required," he said, adding that generating interest among youth to acquire new skills call for monetary incentives.

While noting that employment generation in urban sector posed a tough challenge, he suggested promotion of financial cooperatives to enable the urban poor access resources.

Highlighting the government's new programmes such as 'Sansad Adarsh Gram Yojana', 'Financial Inclusion' and 'Digital India', the President expressed confidence that these determined efforts would lead to socio-economic benefits including greater livelihood opportunities.

Since the challenges are many and time is limited for addressing livelihood security of India, the industry should "create mechanisms for income opportunities and capacity building under CSR initiatives mandated by the Companies Act of 2013," Mukherjee added.

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