India generated 4.7 cr jobs in FY24: RBI report

Jobs Data

• Unemployment ratio down to 1.4% in FY24 from 2.2% in FY18
• Services sector absorbing most of workforce that is moving out of agri
• BFSI’s share in educated workers widening

Mumbai: India added nearly 4.7 crore jobs during 2023-24 fiscal, taking the total number of employed people to 64.33 crore spread over 27 sectors covering the entire economy, according to Reserve Bank data.

The number of employed people was 59.67 crore at the end of March 2023, said the RBI’s update on ‘Measuring Productivity at the Industry Level-The India KLEMS --Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database’. Using the Tornqvist Aggregation formula, the RBI said the annual growth in employment during 2023-24 was 6 per cent compared to 3.2 per cent in the year-ago period.

In the last five years, the India KLEMS database revealed that total employment increased from 53.44 crore in 2019-20 to 64.33 crore during the previous fiscal. The data for financial 2022-23 is a provisional estimate of productivity for the total economy. The ‘agriculture, hunting, forestry and fishing’ employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Construction, trade, and transport and storage were among the leading employment provider segments in 2022-23. The RBI said the document describes the procedures, methodologies and approaches used in the construction of India KLEMS database version 2024.

“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. Most importantly, the database is meant to support the conduct of policies aimed at supporting the acceleration of productivity growth in the Indian economy, it added.

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.