India Sees 6% Annual Job Growth, Adds 4.7 Crore Jobs In FY24: RBI

India added nearly 4.7 crore jobs during the year-ended March, bringing total employment to 64.33 crore across 27 sectors. This marks a 6% annual growth in employment, according to the Reserve Bank of India data.

Employment stood at 59.67 crore in March 2023, according to RBI’s “Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database”.

Using the Tornqvist Aggregation formula, RBI reported 6% annual employment growth compared to 3.2% last year.

Over the past five years, total employment has risen from 53.44 crore in FY20. The RBI noted these figures reflect a provisional estimate of productivity for the entire economy in fiscal 2022-23.

The “agriculture, hunting, forestry and fishing” segment employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the FY23 data suggested. While, construction, trade, and transport and storage were among the leading employment provider segments during the fiscal.

The RBI said the document describes the procedures, methodologies and approaches used in the construction of India KLEMS database version 2024.

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 said.

(With inputs from PTI)