Days after Ratan Tata death, Tata Group makes big announcement, set to affect 500000 people as... The Tata Group will create 500,000 manufacturing jobs in the next five years in sectors such as Updated Date:October 15, 2024 8:55 PM IST

Days after Ratan Tata death, Tata Group makes big announcement, set to affect 500000 people as... The Tata Group will create 500,000 manufacturing jobs in the next five years in sectors such as Updated Date:October 15, 2024 8:55 PM IST By Joy Pillai Edited By Joy Pillai Advertisement In a major move by the Tata Group following the sad demise of Ratan Tata, the company is planning to create 500,000 manufacturing jobs in the next five years. These jobs will be in sectors such as electric vehicles (EVs), semiconductors, batteries, and related industries. Speaking at a symposium organized by the Indian Foundation for Quality Management, Tata Group Chairman N Chandrasekaran emphasised the crucial role of manufacturing in India's goal of becoming a developed nation in the coming years. Advertising Advertising He stated that India cannot achieve its aim of becoming a "Viksit Bharat" without job creation in the manufacturing sector. He also highlighted that around a million people enter the workforce in India every month, underlining the importance of creating jobs in manufacturing for the country's future growth. "Between our (Tata Group's) investments in semiconductors, precision manufacturing, assembly, electric vehicles, batteries, and related industries, I think we will create five lakh [500,000] manufacturing jobs in the next five years," Chandrasekaran said. Also Read Days after Ratan Tata death, Tata Group makes big announcement, set to affect 500000 people as... IIT Bombay Placements 2023-24: Check Program-Wise Placement Data IIT Bombay Placements 2023-24: 22 Students Secures Rs 1 Crore Plus Offer, Average Package of Rs 23.5 Lakh Per Annum More Business News The Tata Group has big plans brewing in Assam. The company is in the early stages of establishing a state-of-the-art semiconductor facility here, and additional factories are being planned to cater to the electric vehicle and battery sectors. Even though the final blueprint for these ambitious projects is still being worked out, the chairman of the Tata Group has expressed optimism about their potential. He envisions that these large-scale investments could pave the way for a ripple effect of job creation. Besides, he also predicts that this will initiate an explosion of entrepreneurial activity, with 500,000 small to medium businesses likely to spring up as part of this evolving manufacturing ecosystem. Advertisement Chandrasekaran also underlined spoke about job creation in India, specifically semiconductor manufacturing. Last year, at the endo of the financial year, the manufacturing sector in the country witnessed 7.4 per cent rise in employment, with 1.3 million jobs created in 2023 which is greater than 1.1 million in FY22. As per National Statistical Organisation data, a strong surge in gross value added (GVA) within the sector has been witnessed. This surge, which saw an increase of 7.3%, has propelled the growth of the sector, rocketing the GVA to a whopping Rs 21.97 trillion at the prevailing prices. Notably, overall industrial output increased by 21.5 percent reaching Rs 144.86 trillion last year. States that led in GVA contributions are Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh. These states are responsible for 54.5 percent of India's total manufacturing GVA. Employees in the manufacturing sector are earning more these days, with an impressive 6.3 percent hike, bringing their average annual salary to Rs 3.46 lakh in FY23. Just a year ago, they were making Rs 3.25 lakh. So, they're definitely seeing a significant boost from the previous year! India celebrated a significant achievement in its manufacturing sector this year as the Purchasing Managers Index (PMI) skyrocketed to an impressive 16-year high of 59.1 last March. To clarify, a PMI that surpasses 50 is indicative of the sector's growth - a factor to celebrate. A result below such threshold often means the sector is declining. Despite a bit of a slowdown, signaled by the PMI dipping slightly to 57.5 in August, it's worth noting the value is still comfortably over the 50 mark, indicating strong performance and growth in the sector. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Entertainment News on India.com. Published Date:October 15, 2024 8:54 PM IST Updated Date:October 15, 2024 8:55 PM IST Topics job in manufacturing sector Jobs' Ratan Tata tata gorup Explore more Home India News Entertainment Photos Sports Viral Business Education Lifestyle World States Festivals Tech Cricket Food Travel Videos Topics About Us Disclaimer Privacy Policy Contact UsCopyright © 2024. INDIADOTCOM DIGITAL PRIVATE LIMITED. All Rights Reserved.