India Sees 36% Surge in Job Creation Over the Past Decade Compared to 6% from 2004-2014
Click to start listening
New Delhi, Jan 3 (NationPress) Employment generation across the agriculture, manufacturing, and services sectors witnessed a notable uptick during Prime Minister Narendra Modi's administration over the last decade, contrasting sharply with the prior ten years under the Congress-led UPA government, as per statistics compiled by the Reserve Bank of India.
The data indicates that during PM Modi's term from 2014 to 2024, approximately 17.9 crore new jobs have been established, in stark contrast to 2.9 crore jobs generated during the UPA's governance from 2004 to 2014.
Job creation during Modi's government surged by 36 percent, whereas the UPA saw a mere 6 percent increase.
In the fiscal year 2023-24, 4.6 crore jobs were added, raising the total employment from 596.7 million in 2022-23 to 643.3 million by March 31, 2024.
The RBI's KLEMS database encompasses five fundamental production inputs: Capital (K), Labour (L), Energy (E), Materials (M), and Services (S). This database aggregates data from 27 industries across six sectors, thus encompassing the entire economy.
Moreover, the RBI's sector-specific growth data indicates a significant upturn under the Modi administration. For instance, the agriculture sector experienced a growth of 19 percent during Modi's tenure, in contrast to a 16 percent decline under the UPA.
The manufacturing sector expanded by 15 percent from 2014 to 2024, compared to just 6 percent during the UPA years from 2004 to 2014. Furthermore, the services sector recorded remarkable growth of 36 percent, surpassing the 25 percent growth achieved under the UPA.
Additionally, the RBI has for the first time provided a provisional estimate of productivity for the entire economy in FY24, based on available data.
This reflects the quality of labor in the economy, considering workers' educational levels. The statistics indicate an increase in employment across various education levels and age groups. The unemployment rate has decreased to 1.4 percent in FY24, down from 2.2 percent in FY18.
Notably, the services sector, excluding construction, is now accommodating the majority of the workforce transitioning from agriculture. This marks a significant shift from the period of 2000-2011, when the construction sector was the primary source of jobs for the workforce.
Furthermore, the data highlights that high-skilled roles, such as in financial and business services, education, and health care, are increasingly attracting a greater proportion of educated workers.
