Indian Economy News

514 million person-years employment created during 2014-24: Report

A recent SKOCH report revealed that between 2014 and 2024, the Prime Minister Mr. Narendra Modi government oversaw the generation of 51.40 crore person-years of employment, with 19.79 crore attributed to governance-led initiatives and 31.61 crore to credit-led interventions. The study, which examined 80 case studies and 12 central schemes, highlighted the significant role of micro-loans in creating stable employment, with an average of 6.6 direct jobs generated per loan. Additionally, it noted a 12.1% reduction in the Credit Gap over nine years, correlating this decline with decreased multidimensional poverty and increased Net State Domestic Product (NSDP).

This comprehensive analysis underscores the effectiveness of both governance and credit interventions in fostering employment growth. By highlighting the symbiotic relationship between reducing the Credit Gap and achieving broader socio-economic development goals, the report provides valuable insights into strategies for sustainable job creation and poverty alleviation in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.