India Sees Remarkable Job Growth in 2023-24, Adds 4.7 Crore New Jobs

India added 4.7 crore jobs during the fiscal year 2023-24, bringing the total number of employed individuals to 64.33 crore across 27 sectors, according to Reserve Bank data. The annual employment growth rate soared to 6 percent from 3.2 percent in the previous year. Key sectors contributing to employment included agriculture, forestry, and fishing, with construction and trade also playing significant roles.

India has witnessed a significant increase in employment, adding 4.7 crore jobs during the fiscal year 2023-24. According to Reserve Bank data, the total number of employed individuals has now reached 64.33 crore, covering 27 sectors within the entire economy.

The Reserve Bank of India's update on 'Measuring Productivity at the Industry Level-The India KLEMS Database' highlighted that the number of employed people stood at 59.67 crore at the end of March 2023. Using the Tornqvist Aggregation formula, the RBI reported an annual employment growth rate of 6 percent for 2023-24, compared to 3.2 percent in the previous year.

Over the last five years, the India KLEMS database revealed an increase in total employment from 53.44 crore in 2019-20 to 64.33 crore in the last fiscal year. The provisional data for 2022-23 showcased significant contributions from sectors like agriculture, forestry, and fishing, which employed 25.3 crore individuals. Key segments such as construction, trade, and transport were also major employment providers.

The RBI underlined that the India KLEMS database aims to support empirical research on economic growth while aiding policies to accelerate productivity growth in the Indian economy.

(With inputs from agencies.)