The Reserve Bank of India on Monday said India added 46.7 million jobs in the fiscal year ending March.
Notably, this is far exceeding numbers in private surveys that point to high unemployment rates in the South Asian nation.
The RBI data on measuring industry level productivity and employment showed the employment growth rate was 6% in 2023/24 versus 3.2 per cent in 2022/23.
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Country’s total employment stood at 643.3 million in 2023/24 versus 596.7 million in FY23, RBI data said.
RBI uses data from the government’s National Accounts and Ministry of Labour to extrapolate the country’s productivity and employment levels.
The development comes after the Union Government refutes a research report by Citigroup on Employment in India which forecasts that India will struggle to create sufficient employment opportunities even with a 7% growth rate.
The Ministry of Labour and Employment said it strongly rebuts such reports which do not analyze all official data sources available in the public domain, and fails to account for the comprehensive and positive employment data available from official sources such as the Periodic Labour Force Survey (PLFS) and the Reserve Bank of India’s KLEMS data.
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