46.6 million new jobs created in India during 2023-24: RBI

As many as 46.6 million new jobs were created in India during 2023-24, according to the Reserve Bank of India (RBI)'s latest data.

The total number of people employed in the country rose from 596.7 million in 2022-23 to 643.3 million in the financial year ending March 31, 2024.

According to IANS, while an average of 20 million jobs were created between 2017-18 and 2021-22, the number more than doubled during 2023-24.

Key inputs

The RBI's KLEMS database covers five key inputs of production: capital, labour, energy, materials and services.

The database is created for 27 industries aggregated to form six sectors that cover the entire economy.

The RBI has for the first time made a provisional estimate of productivity for the total economy in FY24, IANS said. 

This reflects the quality of labour in the economy based on the education level of the workers.

According to the data, there is an increase in employment across education levels and age groups. The unemployment ratio has fallen to 1.4 per cent in FY24 from 2.2 per cent in FY18.

Services sector

The services sector, excluding construction, is absorbing most of the workforce moving out of agriculture.

This is in sharp contrast to the 2000-11 period when the construction sector was providing the bulk of jobs.