Updated: Jan 03, 2025 02:08:14pm
India’s Employment Grows by 36% In Last 10 Years: Labour Ministry
New Delhi, Jan 3 (KNN) Union Labour Minister Mansukh Mandaviya announced on Thursday that overall employment in the country surged by 36 percent, rising from 47.15 crore in 2014-15 to 64.33 crore in 2023-24.
According to the Reserve Bank of India’s KLEMS database released in July, employment growth across agriculture, manufacturing, and services sectors showed marked improvement under the NDA administration compared to the United Progressive Alliance (UPA) era.
The KLEMS dataset, which encompasses both public and private sectors, reveals that job creation during the UPA’s decade in power (2004-2014) was limited to 2.9 crore positions, while the current government reports creating 4.9 crore jobs in 2023-24 alone.
Sectoral analysis presents a striking contrast between the two administrations. Agriculture employment, which declined by 16 percent under the UPA government (2004-2014), witnessed a 19 percent growth during the Modi government’s tenure (2014-2023).
The manufacturing sector demonstrated similar trends, with 15 percent growth under the current administration compared to 6 percent during the UPA period.
The services sector emerged as the strongest performer, achieving 36 percent growth between 2014 and 2023, surpassing the previous decade’s performance by 11 percentage points.
Ministry data indicates significant improvements in key employment metrics, with the unemployment rate reportedly declining from 6 percent in 2017-18 to 3.2 percent in 2023-24.
The employment rate, or worker population ratio, showed substantial growth from 46.8 percent to 58.2 percent during the same period, while the labour force participation rate increased from 49.8 percent to 60.1 percent.
Youth employment statistics also reflect positive trends, with the employability of graduates rising from 33.95 percent in 2013 to 54.81 percent in 2024, according to the India Skill Report.
The youth employment rate increased from 31.4 percent to 41.7 percent between 2017-18 and 2023-24, while youth unemployment decreased from 17.8 percent to 10.2 percent.
Further substantiating these trends, over 4.7 crore young individuals aged 18 to 28 years have enrolled in the Employees’ Provident Fund Organisation between September 2017 and September 2024.
(KNN Bureau)