New Delhi: In a significant boost to the Indian economy, the Ministry of Labour and Employment has reported a 36% increase in employment, adding approximately 17 million jobs between the fiscal years 2016-17 and 2022-23. This period also saw the country\u2019s GDP grow at an average rate of over 6.5%, challenging the narrative of \u201cjobless growth\u201d.<\/p>\n
The data, derived from the Reserve Bank of India\u2019s KLEMS database and supported by the Periodic Labour Force Survey (PLFS), indicates a steady rise in employment across various sectors. The Worker Population Ratio (WPR) has also increased by 9 percentage points, or nearly 26%, during this period.<\/p>\n
The Ministry highlighted that the growth has been driven by consumption, which is closely tied to employment. A rise in consumption implies that employment generation is occurring, as consumption would decline if employment were predominantly in unpaid or low-wage jobs.<\/p>\n
\u201cIndia has witnessed significant employment growth over the years. Our economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India\u2019s journey toward becoming a global powerhouse continues to inspire the world,\u201d stated the Ministry of Labour and Employment.<\/p>\n
The report also emphasized the importance of employment elasticity, a measure of the relationship between economic growth and job creation. Estimates show that for the period 2017-23, there was a 1.11% increase in jobs for every 1% increase in value added.<\/p>\n
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