Many employers think PLI schemes will boost job creation in 2 yrs: Report

Many employers expect hiring to increase over the next 2 years due to PLI schemes, under which fiscal incentives are being provided to several sectors to boost domestic manufacturing

A significant percentage of employers expect hiring to increase over the next two years due to Production Linked Incentive (PLI) schemes, under which fiscal incentives ar being provided to several sectors to boost domestic manufacturing, says a report.

A TeamLease report said the higher positive hiring sentiment is attributed to the pharmaceutical industry (68 per cent) followed by white goods industry (67 per cent) and textile products (62 per cent).

Around 60 per cent of employers expect hiring to increase due to PLI schemes over the next two years.

The TeamLease PLI Outlook Report has been prepared on the basis of the employers' reaction towards job creation based on the incentives mentioned by the government in the PLI schemes and their projection towards hiring in the next two years.

For the report, 344 mid to senior-level, general managers/ talent acquisition managers across 14 cities and 8 industries in India were surveyed.

"The PLI schemes are a revolutionary one. It will not only boost investments and growth across industries but is also expected to lead a significant surge in employment opportunities.

"Over 60 per cent of employers in India Inc. are planning to hire more due to the PLI scheme over the next couple of years," Sumit Sarabhai, Business Head - Emerging Vertical, TeamLease Services, said.

Another major aspect that the PLI schemes will address is diversity of the workforce and is expected to bring more women to the forefront.

"According to our report, while cities like Gurgaon and Indore, Kolkata, Delhi and Nagpur still prefer hiring male candidates, cities like Chandigarh, and Chennai are more inclined towards female employees, especially across industries like textiles, pharmaceuticals, and large-scale electronics manufacturing," Sarabhai said.

The boost from the PLI schemes is also estimated to impact the MSME ecosystem and bring more women to the workforce.

Moreover, a few industries such as Textile Products, Pharmaceuticals, and Large Scale Electronics Manufacturing believe that there will be a preference for hiring female employees as a part of the PLI schemes, Sarabhai said.

"Even for the MSME sector, which contributed to about 30 per cent of our GDP, the PLI scheme is a positive foot forward as it will boost investment in MSMEs especially in Textile Products, Specialty Steel and Automobile and Auto Components industries," Sarabhai added.