SBI data revels that job creation in Indian economy soar over 400% in 2014-23
According to a study by the State Bank of India (SBI), the Indian economy saw the creation of 12.5 crore jobs during the financial years 2014-23, marking a significant increase from the 2.9 crore jobs generated during 2004-14—a more than four-fold rise.
The total employment reported by Micro, Small, and Medium Enterprises (MSMEs) registered with the MSME Ministry has crossed the 20-crore mark, data from the Udyam registration portal shows.
“Even if we exclude Agriculture, the total number of jobs created in Manufacturing and Services is at 8.9 crores during FY14-FY23 and 6.6 crores during FY04-FY14,” according to the report prepared by SBI’s Economic Research Department based on RBI data.
As of July 4, 4.68 crore Udyam-registered MSMEs reported 20.19 crore jobs, including 2.32 crore jobs by GST-exempted informal micro-enterprises, up by 66 percent from 12.1 crore jobs in July last year, showed ERD’s analysis.
“One interesting fact emerges by comparing EPFO (Employee Provident Fund Organisation) data with RBI’s KLEMS (Capital/K, Labour/L, Energy/E, Material/M and Services/S) data. When we took the share of EPFO with KLEMS, the FY24 share at 28 percent was drastically lower than the average share of the 5 years (FY19-FY23) at 51 percent. As EPFO data capture primarily low-income jobs, the declining share is quite encouraging and indicates that possibly better-paid jobs are getting available in the economy,” said Soumya Kanti Ghosh, SBI’s Group Chief Economic Advisor.
For all the latest updates, download PGurus App.
Got to be TRUE.
Pappu finally got employment as Leader of Opposition (for how long do NOT know i.e. he is migrant labor & may soon go to Thailand / Colombia / Brazil ….. All work NO play makes Pappu a dull boy.