Investment of Rs 1 cr can create only one job, says Maharashtra Industries Minister Subhash Desai

An average Rs 1 crore investment can create only one job in the industrial sector, Maharashtra Industries Minister Subhash Desai told the Legislative Council on Friday

Press Trust of India March 13, 2020 14:51:30 IST
Investment of Rs 1 cr can create only one job, says Maharashtra Industries Minister Subhash Desai

Mumbai: An average Rs 1 crore investment can create only one job in the industrial sector, Maharashtra Industries Minister Subhash Desai told the Legislative Council on Friday.

Investment of Rs 1 cr can create only one job says Maharashtra Industries Minister Subhash Desai

File image of Subhash Desai. Twitter@Subhash_Desai

With this finding, Desai sought to debunk the general understanding that higher investments can create more jobs in the industrial sector.

During a discussion in the upper house, Desai said, "Internal data crunching in my department has revealed that in big ticket projects, the average Rs 1 crore investment creates only one job, while in small-scale industries, Rs 1 lakh needs to be invested to create one job."

The amount of investment shrinks further to Rs 25,000 in micro scale industries for creation of one job, Desai added.

"We have also noticed that 40 percent of our total exports comes from small and medium scale industries. If we assist and promote these industries, we can boost our exports and create more jobs," the minister said.

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