India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14, per a State Bank of India (SBI) study based on RBI data.
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“Even if we exclude Agriculture, the total number of jobs created in Manufacturing and Services is at 8.9 crores during FY14-FY23 and 6.6 crores during FY04-FY14,” per a report by SBI’s Economic Research Department.
Additionally, the total employment reported by Micro, Small and Medium Enterprises (MSMEs) registered with the MSME Ministry has crossed the 20-crore mark, according to data from the Udyam registration portal.
As of July 4, 4.68 crore Udyam-registered MSMEs reported 20.19 crore jobs, including 2.32 crore jobs by GST-exempted informal micro enterprises, up by 66 per cent from 12.1 crore jobs in July last year, showed ERD’s analysis.
“One interesting fact emerges by comparing EPFO (Employee Provident Fund Organisation) data with KLEMS (Capital/K, Labour/L, Energy/E, Material/M and Services/S) data. When we took the share of EPFO with KLEMS, the FY24 share at 28 per cent is drastically lower than the average share of 5-year period (FY19-FY23) at 51 per cent. As EPFO data capture primarily low-income jobs, the declining share is quite encouraging and indicate that possibly better paid jobs are getting available in the economy,” said Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI