New Delhi [India], January 2 : The government has significantly boosted employment in the past decade, creating nearly five times more jobs than during the United Progressive Alliance (UPA) era from 2004 to 2014, says Union Labour and Employment Minister, Mansukh Mandaviya citing data from the Reserve Bank of India (RBI) and Employees' Provident Fund Organisation (EPFO).
Union Labour and Employment Minister, Mansukh Mandaviya told in an exclusive conversation with"According to RBI's data, not my own, between 2004 and 2014, during the 10 years of the UPA's tenure, 2.9 crore jobs were created. And in 2024, in just one year, 4.9 crore jobs have been created, and I am quoting RBI's data".
The data highlighted that between 2004 and 2014, the UPA government created 2.9 crore additional jobs. In contrast, the Modi government, during its tenure from 2014 to 2024, generated 17.19 crore new jobs. The year 2023-24 alone saw the creation of 4.6 crore jobs.
Mandaviya further added that "Under the leadership of Modi ji, the NDA government has created a total of 17.6 crore jobs from 2014 to 2024 in the span of 10 years. These figures are not mine, but from RBI data".
As per the data the employment growth under the UPA stood at a modest 6 per cent over ten years. However, under the current government, employment has surged by 36 per cent, reflecting a significant shift in policy focus and execution.
The agriculture sector, which saw a 16 per cent decline in employment under the UPA regime, experienced a 19 per cent growth from 2014 to 2023. The manufacturing sector also witnessed substantial progress, with employment growing by 15 per cent in last 10 years as compared to just 6 per cent under the UPA.
The services sector, a key contributor to the economy, grew by 36 per cent between 2014 and 2023, compared to a 25 per cent growth rate in 2004 to 2014.
As per data, India's unemployment rate (UR) dropped from 6 per cent in 2017-18 to 3.2 per cent in 2023-24. The employability of graduates has improved remarkably, rising from 33.95 per cent in 2013 to 54.81 per cent in 2024.
Youth employment has also seen notable growth, with the employment rate increasing from 31.4 per cent in 2017-18 to 41.7 per cent in 2023-24. Additionally, over 4.7 crore young individuals aged 18-28 joined the formal job market under EPFO between September 2017 and September 2024.
The data indicates substantial changes in India's employment landscape over the past decade, with notable growth in job creation, increased participation in the labor force, and sector-wise improvements.
These shifts reflect a significant transformation in employment trends compared to the previous decade, impacting various aspects of the economy and workforce.
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