Unaffected by the Budget announcement that an excise duty hike of Rs 70 per kg from Rs 60 per kg on tobacco, ITC has said that it will set up 20 factories for its FMCG products. ITC aims to generate Rs 1 lakh cr revenue from this by 2030, according to a PTI report.
"We are in the process of building 20 factories. How much money we are going to spend...we are one company that is not looking for interest rate to dip before we think of our investment. We are not borrowing money, we want to invest. It’s for FMCG," ITC Chairman YC Deveshwar said at an event recently.
On the government's 'Make in India' campaign, he said: "It embodies a very far reaching ambition. Any strategy if it has to get fulfilled it must be comprehended by all participants. India is a diverse country and the kind of problems India has....the biggest problem with India is that it’s a very young country. There are 12 million people coming to the job market every year and by 2025, 30 million more people will come to the job market. If we don't provide that quality job that has dignity, then we are moving towards a demographic disaster,” PTI quoted him.
As far as creation of jobs goes, Prime Minister Narendra Modi is of the opinion that a 20-25% reduction in imports could directly create an additional 100,000 to 120,000 highly skilled jobs in India.
Echoing the need to create jobs, finance minister Arun Jaitley had stressed the need for creation of jobs in the services and manufacturing sector so that the large segments of under-employed population in the agriculture sector could get meaningful employment.