Monday, July 15, 2024

Exploring India’s Unprecedented Job Creation Milestones: The Impact of PM Narendra Modi’s Leadership

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Union Minister Piyush Goyal Highlights India’s Job Creation Milestones

In a significant acknowledgement of the Indian government’s efforts towards generating employment, Union Minister Piyush Goyal lauded the strides made in job creation under Prime Minister Narendra Modi’s administration. Addressing the findings from the Reserve Bank of India’s recent report, Goyal underscored the unprecedented generation of new jobs in the financial year 2023-2024, marking a period of robust employment growth in India.

According to the RBI KLEMS Data, the financial year saw a remarkable addition of nearly 4.6 crore (46 million) new jobs in the country, indicating a surge in employment opportunities by approximately 6% from the previous year. This achievement stands out as a significant milestone, as Goyal noted, “For the first time after 1981-82, around 2.5 times higher number of employment opportunities became available last year, with more than 4.60 crore people receiving new employment.”

Goyal attributed this success to the effective leadership of PM Narendra Modi, highlighting the substantial difference in job creation between the current government and the previous UPA regime. Between 2014-2023, under the BJP led government, a staggering 12.5 crore (125 million) jobs were created, in stark contrast to the 2.90 crore (29 million) jobs generated during the UPA’s ten years from 2004-2014. This comparison not only showcases the BJP’s focus on creating employment but also positions India as one of the world’s leading job-creating nations.

The BJP spokesperson, Syed Zafar Islam, also emphasized this achievement, contrasting the dynamic growth experienced under the BJP’s governance with the slower job creation rates during Manmohan Singh’s tenure.

The period from 2017-18 to 2021-22 witnessed the generation of more than 8 crore (80 million) new employment opportunities, averaging over 20 million jobs per year despite the global economic downturn triggered by the COVID-19 pandemic. This performance contradicts earlier predictions by Citigroup about India’s job market and exemplifies the government’s success in navigating through challenging times.

Official data further supports the notion of a thriving Indian job market. The Periodic Labour Force Survey (PLFS) data indicates that employment opportunities have consistently outpaced the number of individuals joining the labor force over the past five years, leading to a continuous decline in the unemployment rate. Additionally, data from the Employees’ Provident Fund Organisation (EPFO) reveals a significant increase in formal job subscriptions, with more than 1.3 crore (13 million) new subscribers in 2023-24, more than doubling from the previous five years.

The government’s comprehensive approach to employment generation has been evident across various sectors, with notable improvements in labor market indicators such as the Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR). The expansion in manufacturing, services, and infrastructure, alongside emerging sectors like the gig and platform economy, have all contributed to the positive employment trends observed in India.

These accomplishments underscore the effectiveness of the government’s policies and initiatives aimed at bolstering employment across the nation. With continued emphasis on creating a conducive environment for job growth, India is set to maintain its trajectory as a leading global player in employment generation.

Alexandra Bennett
Alexandra Bennetthttps://www.businessorbital.com/
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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