RBI Data on Employment: The Reserve Bank of India (RBI) released the data on Monday and said that 27 sectors increased by 3.31 percent in 2022-23. Before the release of the data by RBI, the Citibank Report came last week. Concern was raised about employment generation in India. The government had strongly objected to this report. It said Citigroup had not taken cognizance of the complete and positive data of PLFS (Periodic Labour Force Survey) and RBI’s KLEMS data (RBI KLEMS).
CitiBank Had Raised Questions On The Number and Quality Of Jobs
The Citibank report said an increase of about 7 percent would create only 80 to 90 lakh jobs in India annually. India needs about 1.1 to 1.2 crore jobs. Despite rapid growth, India cannot provide the necessary jobs for its workforce. Concerns about the quality of employment were also expressed in the report. The Ministry of Labor and Employment highlighted the shortcomings of this report on Monday, July 8.
According to RBI data, the number of people working in 27 sectors, including agriculture, trade, and financial services, increased by 3.31 percent annually to 59.66 crores in 2022-23. The employment figure in these 27 sectors stood at 57.75 crores.
4.67 Crore Jobs Created In The Last Financial Year – RBI
The Reserve Bank said that the country added 4.67 crore jobs in the financial year ended March. This figure is much higher than the number of private surveys, which point to a high unemployment rate in the country. RBI data shows the employment growth rate was 6 percent in 2023-24. This figure was 3.2 percent in 2022-23. RBI has made KLEMS data available on its website. This database includes data on all these 27 sectors and the Indian economy. On average, 2 crore jobs are being created in the country every year.
RBI said that agriculture, hunting, forestry and fishing employed 25.3 crore people. This is more than the figure of 24.82 crore in 2021-22. The construction, trade, transport, and storage sectors have also provided jobs for many people. According to PLFS and RBI’s KLEMS data, India has created more than 8 crore employment opportunities from 2017-18 to 2021-22. This figure reaches an average of 2 crore jobs every year.
