India Sees Record Job Growth: 4.7 Crore Jobs Added in 2023-24, Says RBI Report

The Reserve Bank of India (RBI) reports that India has had an amazing increase in employment—nearly 4.7 crore jobs added during the financial year 2023–24. This notable rise has driven the overall count of working people in the nation to 64.33 crore, across 27 different sectors of the economy. The most recent RBI employment update shows an annual employment growth rate of 6% for the FY 2023–24, almost double the growth rate of 3.2% in previous year.

The information comes from the RBI’s “Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S]” Database.] The total employment count at the end of March 2023 was 59.67 crore. From 53.44 crore in 2019-20 to 64.33 crore in 2023-24, the employment numbers have increased significantly during the past five years—10.89 crore.

With 25.3 crore people working in 2022-23, up from 24.82 crore in the previous fiscal year, agriculture and allied activities—including hunting, forestry, and fishing—are among the main industries driving this rise. Other top job suppliers were trade, construction, transportation and storage as well as industry.

The yearly employment increase was computed by the RBI using the Tornqvist Aggregation method, therefore supporting the strong character of this development. Emphasizing the need of these results in developing policies that increase production growth in the Indian economy, the India KLEMS database seeks to support empirical research on economic development and its origins.

The RBI’s research emphasizes how important thorough data is to grasp and promote economic growth. Through supporting empirical research, the India KLEMS database seeks to guide policy decisions influencing production and expansion in many different areas.

The significant rise in employment points to good developments for India’s workforce and economic stability as the country keeps negotiating its path. The expansion of employment prospects not only shows the strength of the Indian economy but also provides a hopeful model for next development.

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