From Summit to Paycheck: G20’s Potential as a Global Job Factory

As the G20 seeks to find means to drive inclusive growth, India's record of creating more than a million jobs during its 2023 presidency is a compelling model. India's strategy of infrastructure expansion, foreign investment, SME empowerment and people upskilling—steps that not only created direct employment but also created sustainable economic resilience—offers lessons other G20 countries, such as South Africa, are currently learning to put in place to unlock maximum global summits' employment dividends.

 

Key Highlights:

 

Infrastructure Development: Mega city projects like New Delhi and Mumbai created over 200,000 jobs in the city in construction, engineering, and planning, with corresponding indirect gains in logistics and hospitality.

 

Foreign Direct Investment: India's investment conclaves led by G20 attracted over $100 billion of commitments, opening up businesses such as EV manufacturing and fintech, and generating 50,000+ high-tech employment opportunities.

 

SME and Local Business Empowerment: "Vocal for Local" procurement policies gave 150,000+ MSMEs new orders, boosting artisan, food, and textile jobs.

 

Tech-Driven Labour Market Reforms: eShram and the National Career Service platforms improved workforce matching and social security access, in turn affecting millions in the unorganized sector.

 

Prospects: By connecting G20 investments with infrastructure, FDI, and SME support, and leveraging technology as an instrument of workforce inclusion, member countries can transform the summit into a sustainable employment driver. India's case indicates that with the correct policy blend, the G20 can spark millions of jobs and set a global benchmark for inclusive growth.

 

Source: IOL Business Report, PIB, Economic Times