Union Minister Piyush Goyal on Thursday praised the Indian government’s job creation efforts, citing recent data from the Reserve Bank of India (RBI) that indicates substantial employment growth in the 2023-2024 financial year.
According to the RBI KLEMS Data, nearly 4.6 crore (46 million) new jobs were created in FY 2023-2024, representing a 6% increase in employment opportunities. Goyal said that this as a historic achievement, adding, “For the first time after 1981-82, around 2.5 times higher number of employment opportunities became available last year. More than 4.60 crore people received new employment last year – this is an increase of around 6%.”
The minister attributed this success to Prime Minister Narendra Modi’s leadership, saying that PM Modi’s tenure has been “the most successful one” in terms of job creation. Goyal also referenced a State Bank of India (SBI) report suggesting that 12.5 crore jobs were generated between 2014 and 2023, contrasting it with the 2.90 crore jobs created during the previous United Progressive Alliance (UPA) government’s decade in power.
“Under the BJP, a staggering 12.5 crore jobs were created in just 10 years (FY14-23), cementing India’s position as one of the world’s best job-creating nations. In stark contrast, Manmohan Singh’s rule had seen a meagre 2.9 crore job creation between 2004-14,” said BJP Spokesperson Syed Zafar Islam.
The government’s statement also countered a recent Citigroup report that had expressed concerns about India’s ability to generate sufficient employment opportunities. Citing data from the Periodic Labour Force Survey (PLFS) and RBI’s KLEMS, the statement asserted that India has created over 8 crore jobs from 2017-18 to 2021-22, averaging more than 2 crore jobs annually.
Additionally, the government highlighted increased formal sector employment, with Employees’ Provident Fund Organisation (EPFO) data showing over 1.3 crore new subscribers in 2023-24, more than double the 61.12 lakh who joined in 2018-19.
The statement also said that official data sources like PLFS, RBI, EPFO, etc. show consistent improvements in the key labour market indicators, including increased Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR), and a declining Unemployment Rate during the last five years. EPFO and NPS data further support the positive employment trends.
The trends in manufacturing, expanding service sector, and infrastructure growth, apart from others, including emerging opportunities in multiple sectors such as gig and platform economy and GCCs indicate robust prospects.
(Inputs from ANI)