India Inc investment plans may create over 1.6 lakh jobs: Assocham

The surging investments announcements by the major corporates worth of Rs 10,50,951 crore for the first six months of 2008, is expected to generate 1,63,770 direct employment opportunities for the next three to four years, according to a report prepared by Assocham Investment Meter (AIM), an arm of Associated Chambers of Commerce and Industry of India (Assocham) .

The report titled “India Inc Investing… A Mid Year Report”, brushing aside the concerns of a slowdown, capital expenditure by the corporates reflects a positive outlook with companies investing massively, said a statement from Assocham. The findings of the report also reveals that sectors like textiles, IT, real estate, financial services are expected to create maximum job openings in the next few years.

“The course of the economy over the past six months shaped by whopping capex plans show signs of feel good factor among the industrialists of the economy. The massive investments announcements in the past six months will provide a boost to the overall employment situation in the country,” Sajjan Jindal, rresident, Assocham said.