Number of new jobs more than doubles to 46.6 million in 2023-24: RBI data

New Delhi: As many as 46.6 million new jobs were created in the Indian economy during 2023-24, according to the latest data released by the Reserve Bank of India.

The total number of people employed in the country rose from 596.7 million in 2022-23 to 643.3 million in the financial year ended on March 31, 2024.

While an average of 20 million jobs was created between 2017-18 and 2021-22, the number more than doubled during 2023-24, the data shows.

The RBI’s KLEMS database covers five key inputs of production — Capital (K), Labour (L), Energy (E), Materials (M), and Services (S). The database is created for 27 industries aggregated to form six sectors that cover the entire economy.

The RBI has also for the first time made a provisional estimate of productivity for the total economy in FY24 based on the available information.

This reflects the quality of labour in the economy based on the education level of the workers. The data shows an increase in employment across education levels and age groups. The unemployment ratio has gone down to 1.4 per cent in FY24 from 2.2 per cent in FY18.

The services sector, excluding construction, is now absorbing most of the workforce that is moving out of agriculture. This is in sharp contrast to the 2000-2011 period when the construction sector was providing the bulk of jobs to the workforce.

The data also shows that high-skilled activities, such as financial and business services, education and health care, are seeing an increase in the share of educated workers.

IANS

 

ADB forecasts robust growth in India’s industrial sector, rebound in agriculture

Manila: The Asian Development Bank (ADB) has kept India’s growth forecast unchanged at 7 per cent in 2024-25 as it sees the country as the fastest growing economy with robust...

PM Modi wants India to become a ‘developed society’ by 2047, says Niti Aayog Vice Chairman

United Nations: Suman Bery, the Vice Chairman of NITI Aayog which is tasked with guiding policies for achieving Prime Minister Narendra Modi’s visions for India, has spoken exclusively with the...

Working closely with component partners in India to boost infra, supply chain: Samsung’s TM Roh

New Delhi: As India doubles down on local electronics manufacturing and the entire ecosystem around it, Samsung, which has been operating its manufacturing facility in the country since 1996, is...

IMF raises India’s GDP growth forecast to 7 pc for 2024-25

New Delhi: The International Monetary Fund (IMF) on Tuesday raised India's GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent projected earlier on the back of...

Centre tells retailers to cut prices of pulses as wholesale prices have fallen

New Delhi: Department of Consumer Affairs Secretary Nidhi Khare told the representatives of the Retailers Association of India on Tuesday that while the wholesale prices of Chana, Tur and Urad...

Gautam Adani amazed at US envoy Eric Garcetti’s love for kadak chai, chole bhature

Ahmedabad: Gautam Adani, Chairman of the Adani Group, on Tuesday said he is amazed to see the adoption of Indian culture by Eric Garcetti, the United States Ambassador to India...

US-based A.O. Smith to acquire Hindustan Unilever-owned Pureit

Mumbai: Global water technology company A.O. Smith Corporation on Monday announced the acquisition of Pureit from Hindustan Unilever for an undisclosed sum. The acquisition is projected to close by the...

Govt cuts GST on aircraft parts to 5 pc

New Delhi: Union Civil Aviation Minister Kinjrapu Rammohan Naidu has announced the implementation of a uniform IGST rate of 5 per cent on all aircraft and aircraft engine parts, effective...

Zomato, Swiggy hike platform fee to Rs 6 per order

New Delhi: Food delivery platforms Zomato and Swiggy have once again hiked platform fee to Rs 6 per order from an earlier Rs 5 — a 20 per cent increase....

SBI hikes lending rates

Mumbai: The country’s largest lender State Bank of India (SBI) has raised its benchmark marginal cost of lending rate (MCLR) by 5-10 basis points with effect from Monday (July 15)....

India’s defence exports record over 30-fold quantum leap in last 10 years

New Delhi: India’s defence exports have recorded a 30-fold quantum leap over the last 10 years from a mere Rs 686 crore in the financial year 2013-14 to a record...

Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far

New Delhi: The country’s nets direct tax collection posted a robust 19.5 per cent growth to Rs 5.74 lakh as on till July 11 of the current financial year (2024-25)...

Read Previous

Impressionism meets realme 13 Pro Series 5G, redefines smartphone aesthetics using Monet-inspired design

Read Next

Musk again rakes up EVM issue before US elections, X users not convinced

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com