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The Reserve Bank of India released an update on employment in India and said that the nation added nearly 4.7 crore jobs during the financial year 2023-24. With this, the total number of employed people in India reached 64.33 crore, who are spread over 27 sectors covering the entire economy.
According to RBI’s update on ‘Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database’, at the end of March 2023, total number of employed people in the country was 59.67 crore.
Over 10 crore employment in 5 years
The RBI also used the Tornqvist Aggregation formula, to drive the annual employment growth during 2023-24 at 6 per cent. The annual employment growth is nearly double what it was a year ago. Last year the annual employment growth was 3.2 per cent. The India KLEMS database revealed that the total employment in five years increased by 10.89 crores. In 2019-20, it was 53.44 crore which rose to 64.33 crore in 2023-24.
Agri and other related sectors employed 25.3 crore people
In sector-wise employment records, the ‘agriculture, hunting, forestry and fishing’ employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Moreover, construction, trade, and transport and storage sectors were among the leading employment provider segments in 2022-23.
On the India KLEMS database, the RBI said, “The production and publication of the India KLEMS database are meant to support empirical research in the area of economic growth and its sources.” Most importantly, the database is meant to support the conduct of policies aimed at supporting the acceleration of productivity growth in the Indian economy, it added.
(With PTI Inputs)
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