By Saurabh Tyagi
This is simply not your regular a-new-government-replacing-the-incumbent. The way Mr. Narendra Modi, honorable prime minister of India and the man of the hour has single handedly scripted a win for his party is simply incredulous. Now with a greater task at hand, Mr. PM has to deliver on the pro-development promises that he made during and before elections. Going by the first 10 days of his government and the positive signals coming from different quarters of economy, job seekers have much to look forward in the near future. A perusal of the same follows.
The Indian economy has not been in the best of shapes from last couple of years. Growth rate has been sub-5 percent and the country is witnessing its worst slowdown in over a quarter century. India’s GDP figures are also miserable to say the least. In 2003-04 the GDP growth was as high as 8.1%, which was second highest among its developing Asian peers. By the end of 2013, the same GDP had slipped to the second lowest among the seven fastest growing economies of South East Asia. The country has let itself down so many times that now it actually seems that it would be a miracle if India does recover from its self destructive habits. However, under the leadership of its new Prime Minister, and going by the first few days of his governance, there is a hope that the country will finally deliver on its unfulfilled promises.
What stands in favor of Mr. Modi is his stupendous record and credible experience in having run Gujarat as its Chief Minister. With an unsurpassable majority in parliament, a strong control over the party and proven administrative competence, Mr. PM can certainly bring about the change in the fortunes of India’s economy. Job seekers will be benefitted the most from the improving economic scenarios and it will give a serious boost to the employment market. The first few signals are positive:
The corporate world trusts Modi
In an interview published in The Economic Times, Anand Mahindra, the chairman of Mahindra & Mahindra, when asked to give his view of the first 10 days of the Narendra Modi government used the word, “Brilliant”. ICICI Bank chairman, K.V Kamath has to say this about Modi, “You have a leader who has a known bias for fixing things and making sure that things work,” He further said, “You have the right leader who can drive the effort,” With such big leaders banking on the new government, there is some reason to feel optimistic for the average youth who wants to be a part of this very corporate world. Investors demonstrated their love for the new government as the Nifty Index touched the 7,350 level on 2ND June. All in all, a positive sign.
Services sector shows first signs of growth
Following the formation of a new and stable government in the center, India’s service sector expanded for the first time in about a year’s time during May, as reported by an HSBC survey. The HSBC Services Business Activity Index was 50.2 in May, rising from April’s reading of 48.5, the first expansion of output in 11 months. In this survey, a reading above 50 shows that the sector is on expansion curve, while lesser than 50 reading shows that the output in the sector is contracting.
Manufacturing sector expected to drive the employment numbers north
Modi’s preference for providing impetus to manufacturing industry is very well known. Mr.Modi, in his speeches and manifesto has made it clear his intention of reviving the manufacturing sector to ensure the creation of new jobs. Randstad India CEO Moorthy Uppaluri said it was “imperative for a government to focus on sectors like manufacturing and infrastructure that are important for the growth of other sectors and creation of jobs”. The HSBC Manufacturing Purchasing Managers” Index rose to 51.4 in May from 51.3 in April. Buoyed by the pro-development stance of the new government, total new orders and new export business grew more quickly over the month, giving rise to new career opportunities in manufacturing sector.
IT industry to gain from the new government
According to analysts, the new government will offer two dimensional benefits to Indian IT sector. Having complete majority in the parliament, the government will be more stable and will be in the position to fast-track economic policy reforms, encouraging further growth in the Indian IT sector. Besides, Modi’s pro-technology stance which is now clearly visible after the social media powered the election campaign and the first few days of governance indicate that it will not hesitate to do so again when in power. E-governance and mobile governance initiatives will take a front seat, benefitting domestic IT service organizations and ensuring creation of new job opportunities for the youth.
With all these positive signs, it is hard not to believe that India’s growth story is going to be re-scripted in the future. This is good news for a country which has more than 50% of its population as youth.
Saurabh Tyagi is a career author with a keen eye for latest industry trends. He has published articles on various leading online blogs and also offers career advices to beginners related to various industries.