FDI in insurance, retail to create lakhs of jobs
Opening up retail and insurance sectors will generate lakhs of additional jobs in India, global human resource consultancy Mercer has said. According to the firm, labour statistics continue to be positive in the country, although not as positive as a year and a half ago.
Speaking to TOI, Mercer’s newly appointed growth markets head Gaurav Garg said, “If retail foreign direct investment gets through, it will start a whole new industry and generate huge employment and bring in investments without eating into anyone’s share. The domino effect will be such that it will create lakhs of ancillary jobs from rural employment to jobs in cold chains and transportation,” he said.
Similarly in insurance, the passage of the bill amending the act would result in new companies setting up shop. “The insurance amendment bill also allows foreign reinsurers to start operations here. This will again result in the creation of a new industry,” he said.
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