India saw a growth in employment, with 46.7 million jobs created in the financial year ending March 2024, bringing the total number of employed individuals in the country to 643.3 million, according to Reserve Bank of India (RBI) data.
This growth points to an increase in the employment growth rate, which stood at 6 per cent for the fiscal year, compared to 3.2 per cent in the previous year. The figures were reported by the RBI in its latest release.
The RBI report included a provisional estimate of productivity for the total economy for the first time for the financial year 2023/24. Traditionally, the central bank's reports have focused solely on historical data.
The release of this data comes on the heels of a report by Citibank, which had projected that economic growth of nearly 7 per cent would only result in the creation of 8-9 million jobs in India, falling short of the estimated need for 11-12 million jobs. In response, the federal labour department countered Citibank's projections, asserting that their estimates showed an average of over 20 million employment opportunities were created annually between 2017-18 and 2021-22.
(Inputs from Reuters)
