Anand Mahindra Unveils Rs 37,000 Crore Investment Plan to Boost Innovation and Job Creation
Thursday, 01 August 2024, 10:39 IST
Mahindra & Mahindra (M&M) has announced a significant Rs 37,000 crore investment plan over the next three years, aimed at fostering growth, innovation, and job creation in India. Mahindra Group Chairman Anand Mahindra highlighted this commitment during the annual general meeting of M&M, emphasizing the private sector's role in utilizing government employment-linked schemes to create more job opportunities, particularly for fresh graduates.
Anand Mahindra urged private companies to leverage the employment-focused initiatives introduced in the Union Budget 2024-2025. "This approach will help create more jobs for the youth, especially the fresh talent coming out of colleges", Mahindra stated. He stressed the shared responsibility of the private sector and the government in generating employment to drive nation-building.
Mahindra noted that India is well-positioned to benefit from the re-orientation of global supply chains, and that the country's growth and prosperity must be fueled by job creation. Reflecting on the Mahindra Group’s achievements, he shared that the company reached over 2.2 lakh women through skilling interventions in FY24, focusing on employability training and domain-specific skill development.
The government has made employment generation a top priority, implementing various measures to create jobs across the country. The Budget 2024-25 introduced five schemes and initiatives designed to provide employment, skilling, and other opportunities for 4.1 crore youth over a five-year period, with a central outlay of Rs 2 lakh crore.
Government data indicates a steady decline in the unemployment rate for youth aged 15 to 29 years, decreasing from 17.8 percent in 2017-18 to 10 percent in 2023-24. The micro, small, and medium enterprises (MSMEs) sector has also played a crucial role, generating over 20.5 crore jobs in the last four years. From FY14 to FY23, more than 12.5 crore jobs were created, averaging 2 crore jobs per year.
Additionally, there has been a 56 percent rise in workers' income for FY22-23, and India is on track to become a $10 trillion economy. Anand Mahindra’s announcement underscores the Mahindra Group's commitment to contributing significantly to India's economic growth and job market expansion.
Anand Mahindra urged private companies to leverage the employment-focused initiatives introduced in the Union Budget 2024-2025. "This approach will help create more jobs for the youth, especially the fresh talent coming out of colleges", Mahindra stated. He stressed the shared responsibility of the private sector and the government in generating employment to drive nation-building.
Mahindra noted that India is well-positioned to benefit from the re-orientation of global supply chains, and that the country's growth and prosperity must be fueled by job creation. Reflecting on the Mahindra Group’s achievements, he shared that the company reached over 2.2 lakh women through skilling interventions in FY24, focusing on employability training and domain-specific skill development.
The government has made employment generation a top priority, implementing various measures to create jobs across the country. The Budget 2024-25 introduced five schemes and initiatives designed to provide employment, skilling, and other opportunities for 4.1 crore youth over a five-year period, with a central outlay of Rs 2 lakh crore.
Government data indicates a steady decline in the unemployment rate for youth aged 15 to 29 years, decreasing from 17.8 percent in 2017-18 to 10 percent in 2023-24. The micro, small, and medium enterprises (MSMEs) sector has also played a crucial role, generating over 20.5 crore jobs in the last four years. From FY14 to FY23, more than 12.5 crore jobs were created, averaging 2 crore jobs per year.
Additionally, there has been a 56 percent rise in workers' income for FY22-23, and India is on track to become a $10 trillion economy. Anand Mahindra’s announcement underscores the Mahindra Group's commitment to contributing significantly to India's economic growth and job market expansion.
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