The total number of people employed in the country is expected to increase from 596.7 million in 2022-23 to 643.3 million in the financial year ending March 31, 2024.
The data shows that while an average of 20 million jobs were created between 2017-18 and 2021-22, the number more than doubled during 2023-24.
RBI's KLEMS database consists of five major inputs of production (K), labor (L), energy (E), materials (M), and services. The database is designed for 27 industries, making a total of six sectors that cover the entire economy.
The RBI has also for the first time made a provisional estimate of productivity for the overall economy in FY2024 based on available information.
It reflects the quality of labor in the economy based on the education level of workers. The data shows growth in employment across education levels and age groups. The unemployment ratio has declined from 2.2 percent in FY 2014 to 1.4 percent in FY 2018.
Except for manufacturing, the service sector is now absorbing most of the workforce that is moving out of agriculture. This is in sharp contrast to the period 2000–2011 when the construction sector was providing a large number 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.
The data shows that while an average of 20 million jobs were created between 2017-18 and 2021-22, the number more than doubled during 2023-24.
RBI's KLEMS database consists of five major inputs of production (K), labor (L), energy (E), materials (M), and services. The database is designed for 27 industries, making a total of six sectors that cover the entire economy.
The RBI has also for the first time made a provisional estimate of productivity for the overall economy in FY2024 based on available information.
It reflects the quality of labor in the economy based on the education level of workers. The data shows growth in employment across education levels and age groups. The unemployment ratio has declined from 2.2 percent in FY 2014 to 1.4 percent in FY 2018.
Except for manufacturing, the service sector is now absorbing most of the workforce that is moving out of agriculture. This is in sharp contrast to the period 2000–2011 when the construction sector was providing a large number 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.
