%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(11).png "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
