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Hence, the NMP scheme will significantly contribute to India’s economic growth through its multiplier effect. NMP is aimed at tapping private sector investment for creating new infrastructure and employment generation, thereby facilitating higher economic growth and better management of assets through increased private sector participation. This initiative will help incentivise the domestic manufacturing industry, reduce import dependence and attract both domestic and foreign investments, thereby creating more employment opportunities in this sector.įurther, in terms of monetising operating public infrastructure assets for sustainable infrastructure financing, Rs 6-lakh-crore (worth) National Monetisation Pipeline (NMP) was launched in August 2021.

In addition to robust labour laws, production-linked incentive (PLI) schemes were announced to strengthen the domestic manufacturing sector for an Atmanirbhar Bharat, across 13 sectors, with a total commitment of nearly Rs 1.97 lakh crore over 5 years starting FY2021-22. The above evidence-based outcomes bear testimony to our government’s commitment to protect lives and livelihoods of the poor and the vulnerable and catalyse employment generation to stimulate economic growth by reviving demand. Further, more than 2.03 crore workers from the unorganised sector have been registered as on date at the government’s “e-SHRAM portal”, a comprehensive National Database for the unorganised workers, that links them to various social security schemes provided by the government. As per the first quarter report of Quarterly Employment Survey (QES) (April to June 2021), the estimated total employment across nine selected sectors - manufacturing, construction, trade, transport, education, health, accommodation and restaurant, IT/ BPO and financial services - reflected a growth rate of 29 percent compared to the sixth Economic Census (2013-14). One of the most significant reforms undertaken by our government during the Covid-19 pandemic has been consolidation of the 44 labour laws under 4 categories to secure the basic rights of the workers, facilitate employment generation and universalise wage security, social security and safe working conditions. Since the onset of the pandemic, India has unleashed several bold and transformational reforms that has bolstered its efforts to become a global champion and propelled the country’s economic growth to the next level.

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