Punjab has potential to create over 11 lakh jobs: Assocham

Punjab has the potential to generate more than 11 lakh additional jobs, industry body Assocham said today.
"Punjab holds significant potential to create over 11 lakh additional jobs from the current workforce of about 18.5 lakh between the age of 15-30 years to attract more investments and attain double digit growth during the course of next five years," said Assocham in a release here.
The Associated Chambers of Commerce and Industry of India's Special Task Force on Punjab has formulated a "Sustainable Action Plan" to achieve double digit growth on a sustainable basis to help the state to become one of the front ranking states in the country, it said.

According to the paper, about 18.5 lakh people are already a part of the workforce between the age group of 15-30 years. The current level of workforce participation rate stands at 35.7 per cent and to achieve a similar rate, an additional 11 lakhs jobs will need to be created in the next five years.
The effective implementation of the investment projects holds key to growth of industry sector that will in turn help in creating lakhs of fresh job opportunities for 35.7 per cent of youth population that forms the workforce in the state," it said.
As on 2015-16, the state attracted Rs. 1.98 lakh crore outstanding investments and recorded a sharp deceleration over the years.

The state's outstanding investment growth rate has declined from the peak level of 91.0 percent in 2007-08 to -10.5 percent in 2015-16, it claimed.

It suggested that the newly formed government must look at this on priority basis which will help accelerate investment activities in the state as well as encourage private sector to invest in the state.
"The state has potential for agriculture and allied sector but the sector growth rate has recorded significant deceleration. The services sector has been the largest contributor of the state economy but last four years have witnessed significant moderation in its growth rate as well.

Therefore, it is necessary that state concentrates on the corrective measure to revive the sectors. The government must also ensure that growth is job-augmenting, rural-oriented and participatory in nature," said Assocham release.
The state's overall economic growth rate reached its lowest level from 10.2 per cent in 2006-07 to 4.9 percent in 2014-15. In 2015-16, it witnessed a marginal improvement in its overall economic growth to 5.96 per cent as compared to previous year growth rate, it claimed.