India's Employment Growth Soars, Adds 4.7 Crore Jobs in 2023-24: RBI Report

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Disclaimer: The following information is based on data provided by the Reserve Bank of India (RBI) and is subject to their latest updates and revisions.


India has seen a significant surge in employment growth, according to recent data released by the Reserve Bank of India (RBI). In the financial year 2023-24, the nation registered a robust annual employment growth rate of 6%, nearly double the rate recorded in the previous year at 3.2%. This increase translates to the addition of approximately 4.7 crore jobs during the year, bringing the total number of employed individuals in India to 64.33 crore across 27 sectors spanning the economy.



Key Highlights:

  1. Annual Growth Surge: The RBI's 'Measuring Productivity at the Industry Level - The India KLEMS Database' indicates a significant acceleration in employment growth, highlighting a substantial increase compared to previous years.

  2. Five-Year Employment Trends: Over the past five years, India has witnessed a remarkable increase in total employment, totaling an addition of 10.89 crores from 53.44 crore in 2019-20 to 64.33 crore in 2023-24.

  3. Sector-Wise Insights: The agriculture, hunting, forestry, and fishing sectors employed a substantial 25.3 crore individuals, up from 24.82 crore in the fiscal year 2022-23. Additionally, sectors such as construction, trade, transport, and storage have emerged as key contributors to employment growth in recent years.

  4. India KLEMS Database Impact: The RBI's comprehensive database, aimed at supporting empirical research and policy formulation, underscores the importance of sustained productivity growth initiatives to bolster the Indian economy.

This data underscores India's ongoing efforts to strengthen its economic foundation through enhanced employment opportunities across various sectors. As per RBI's methodology, these figures are subject to updates and revisions as new data becomes available.

India Employment Growth 2023-24: RBI Reports Surge with 4.7 Crore Jobs Added

Discover the latest insights on India's employment landscape in the financial year 2023-24, as per the Reserve Bank of India (RBI). The nation achieved a remarkable annual employment growth rate of 6%, marking a significant increase from the previous year's 3.2%. This surge translated into the addition of approximately 4.7 crore jobs across diverse sectors, elevating the total workforce to 64.33 crore.

Read more about India's employment trends and sector-wise analysis in RBI's updated 'India KLEMS Database', aimed at fostering economic research and policy formulation.

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