Economic Survey expects private sector to take the lead in job creation

Recovery of MSMEs is proceeding apace, as is evident in the amounts of Goods and Services Tax (GST) they pay, while the Emergency Credit Linked Guarantee Scheme (ECGLS) is easing their debt servicing concerns

Private capex soon needs to take up the leadership role to put job creation on a fast track, the Economic Survey 2022-23 noted.

India's economic growth in FY23 has been principally led by private consumption and capital formation. It has helped generate employment as seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund, it said.