New Delhi, October 5 (IANS). Amidst the opposition’s claims of increasing unemployment in the country, new figures presented by the government are showing the opposite situation. According to the Ministry of Labor and Employment, employment opportunities in the country increased by 36 percent between 2016-17 and 2022-23 and 1.7 crore people got new jobs.
The average growth rate of gross domestic product (GDP) during the same period was 6.5 percent.
According to the ministry, employment data obtained from the KLEMS database of the Reserve Bank of India shows a steady increase in employment since the 1980s.
The ministry said, “India has recorded significant growth in employment over the last few years. The country’s economic progress reflects sustained job creation across key sectors. With a strong democracy, dynamic economy and a culture that celebrates unity in diversity.” “India’s journey towards becoming a global superpower continues to inspire the world.”
PLFS data from 2017 to 2023 also shows that the Worker Population Ratio (WPR) during this period has increased from 34.7 per cent to 43.7, showing an increase of about 26 per cent.
The ministry has said that the country’s economic growth is driven by consumption, which is directly linked to employment. Increase in consumption means that employment is being created. Also, if job creation were mainly in low-wage jobs, consumption would decline.
Estimates show that for every one per cent increase in gross value added (GVA) during the period 2017-23, jobs grew by 1.11 per cent.
“The supply side argument that services create less employment is contrary to these observations. Therefore, from both the supply and demand sides, the economic direction of the country is not moving towards any kind of unemployment,” the ministry stressed. “
The country’s economic performance shows strong growth in the financial year 2023-24. Real GDP is estimated to grow at 8.2 percent in fiscal year 2023-24 compared to an economic growth rate of seven percent in fiscal year 2022-23.
Furthermore, nominal GDP witnessed a growth rate of 9.6 per cent in FY 2023-24 compared to a growth rate of 14.2 per cent in FY 2022-23.
–IANS
SKT/AKJ
