News for youth doing their own business! Great opportunities in manufacturing sector, know how and why?

Self-Employment in Manufacturing Sector Data: Self-employment in the manufacturing sector is increasing rapidly in India. According to government figures, almost half of the workers in this sector are now running their own businesses. This growth is mainly due to the increasing influence of startups and 48% of the employees have started their own employment as the growth of startups has encouraged entrepreneurship among the youth.

Growth in other areas too

Self-employment is also being promoted in other sectors like agriculture, trade and transportation. Women are also actively participating in self-employment in the manufacturing sector. A large percentage of women (77.8%) are self-employed in the manufacturing sector. Sabnavis said that many women have started new businesses and are working from home today.

What is the reason?

Lack of jobs: Due to lack of jobs, people are starting their own businesses.
Flexible Income Sources: Self-employment provides flexible income sources.
Expansion of ride-hailing services: Ride-hailing services have promoted self-employment in the transportation sector.

Two types of self-employment

• Own Account Employees: Most self-employed people fall into this category.
• Employers and Assistants in Household Enterprises: Some people work in home enterprises.

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Madan Sabnavis, Chief Economist of Bank of Baroda, said that this growth has been due to the rise of startups in India. The number of self-employed people is also high in other sectors like agriculture, trade, transportation, accommodation and food service. Self-employment is highest in the agricultural sector.

One reason for increased self-employment in the transportation sector may be the expansion of ride-hailing services (such as taxi services). Paras Jasrai, senior economic analyst at India Ratings & Research, said the increase in self-employment reflects a growing trend towards informal work, perhaps fueled by the shortage of jobs and the need for flexible income sources.