New Delhi: According to data released by the Reserve Bank of India (RBI), nearly 4.67 crore new jobs were created in India during the financial year 2023-24, bringing the total employment count to 64.33 crore.
The growth rate of new job creation in India spiked to 6% in FY24 from the previous year’s 3.2%, as per the RBI’s KLEMS data. KLEMS measures industry level productivity and employment based on key inputs like capital, labor, energy, material, and services.
The RBI also released a provisional estimate of productivity for the total economy for the first time, using data from National Accounts and the Ministry of Labor and Employment.
Additionally, the Ministry of Labor & Employment stated that over 8 crore new jobs were created in India from 2017-18 to 2021-22, contradicting a report by Citigroup. The ministry emphasized that official data indicates a more positive outlook on the Indian job market.
Moreover, the ministry highlighted an increase in Worker Population Ratio and labor force participation rate, along with a decrease in unemployment rate, showcasing the impact of government policies on employment.
Published 08 July 2024, 22:19 IST