India Added Nearly 4.7 Crore Jobs During 2023-24: RBI

Jobs in FY 2-23-24: According to Reserve Bank data, India added nearly 4.7 crore jobs during 2023-24, taking the total headcount to 64.33  crore spread across 27 sectors covering the whole economy.

As per RBI's update on 'Measuring Industry-Level Productivity - The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services' (S)] database, the number of people employed stood at 59.67 crore at the end of March 2023.

Using Tornqvist's aggregation formula, the RBI said the annual growth in employment during 2023-24 was 6 percent compared to 3.2 percent in the same period last year.

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India's KLEMS database revealed that total employment rose from Rs 53.44 crore in 2019-20 to Rs 64.33 crore during the previous financial year. The financial data for 2022-23 is a provisional estimate of productivity for the whole economy.

Data for FY 2022-23 showed that 'agriculture, hunting, forestry and fishing' employed Rs 25.3 lakh crore, up from Rs 24.82 crore in 2021-22.

The construction, trade, transportation, and warehousing sectors were among the leading job creation sectors in 2022-2023. The Reserve Bank of India (RBI) said the document describes the procedures, methodologies, and methods used in creating the India KLEMS 2024 database release.

"The production and publication of India KLEMS database are meant to support empirical research in the area of economic growth and its sources," the RBI said.

More importantly, the database aims to support the implementation of policies aimed at supporting the acceleration of productivity growth in the Indian economy, he added.

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(With PTI's Input)