51.40 crore person-years generated between 2014-24 under ‘ModiNomics': Report

Credit-led interventions boost employment under ‘ModiNomics’: SKOCH Report

Updated on: May 14, 2024, 14:25:23 IST

By HT News Desk

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A report released by the SKOCH Group in New Delhi has said that ‘ModiNomics’ has had a significant impact on employment generation, as an average of 5.14 crore person-years of employment has been generated annually since 2014.

Attendees wear face masks featuring Narendra Modi, India's prime minister, ahead of a campaign rally in Varanasi, Uttar Pradesh, India, on Monday. (Prakash Singh/Bloomberg)

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The report titled "Employment Generative Impact of ModiNomics: The Paradigm Shifts" is the fifth in the series of "Outcomes of ModiNomics 2014-24: A Report Card," analysed credit-led and government-led interventions during this period.

Sameer Kochhar, Chairman of the SKOCH Group and author of the report, said that credit-led interventions contributed an average of 3.16 crore employment per year, while government-led interventions added 1.98 crore employment annually. The report is based on project-level findings and field research, providing valuable insights into the employment generative impact of structural credit and government schemes.

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The study debunked the myth surrounding the inability of small amounts of credit to generate employment, stressing on the effectiveness of micro-loans in creating steady and stable employment opportunities.

Kochhar said, “The report provides research-based evidence spread over several years on how credit-led employment and government schemes-led employment have both significantly added to employment since 2014.”

SKOCH has been a votary of credit-led employment generation since 2000. Most of the work by SKOCH has been in the domain of financial inclusion. “I have argued for credit-linked livelihoods from time and again. I propounded the SKOCH Model of Inclusive Growth in 2009, that for the first time, focused on the need for micro-products including credit, insurance and pensions,” added Kochhar.

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The report also presented case studies demonstrating the positive impact of micro-loans on employment generation.

Through field visits to borrowers across four states, it was found that the average direct employment per loan amounts to 6.6 jobs. Additionally, the study evaluated the employment generated by 12 central schemes between 2014-24, including MGNREGA, PMGSY, PMAY-G, and others.

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