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India Generated 125 Million Jobs between FY14 and FY23: SBI Report

Published on July 12, 2024
Current Context: According to a recent State Bank of India (SBI) report, India witnessed significant job growth during the period from FY14 to FY23.
India Generated 125 Million Jobs between FY14 and FY23: SBI Report
  • Here are the key findings:
    • Job Creation: India generated 125 million jobs during FY14-23, which is 4.3 times more than the preceding decade (FY04-FY14). This growth reflects a positive trend in employment opportunities.
    • Sector Breakdown:
      • Manufacturing and Services: The total number of jobs created in manufacturing and services during FY14-FY23 stands at 89 million, compared to only 29 million during FY04-FY14.
      • Excluding Agriculture: Even if we exclude agriculture, India still created 66 million jobs in manufacturing and services during FY14-FY23.
      • MSME Employment: Micro, small, and medium enterprises (MSMEs) registered with the MSME Ministry reported a total employment figure exceeding 200 million. This includes 23.2 million jobs by GST-exempted informal micro enterprises.
      • Better-Paid Jobs: The report indicates that better-paid jobs are becoming available in the economy. The share of Employees’ Provident Fund Organisation (EPFO) jobs declined to 28% in FY24, compared to an average share of 51% during the previous 5-year period (FY19-FY23).
      • Labour Force Data: The total labour force in India, as per KLEMS data, is 597 million, which closely aligns with the recently released ASUSE survey for 2022-23 (at 568 million). The report criticizes private employment surveys for under-representing women, young children, and the poor.
      • Construction Sector: There has been a significant increase in employment in construction activities, reflecting the government’s focus on infrastructure development.

Question:

1 How many jobs were created in the manufacturing and services sectors during FY14-FY23 According to the SBI report?

  • A) 29 million
  • B) 66 million
  • C) 89 million
  • D) 200 million
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