India generated 125 million jobs between FY14 and FY23, says SBI Report

India experienced a significant increase in job creation between fiscal years 2014 and 2023, according to a report released by the State Bank of India (SBI). The report reveals that India generated 125 million jobs during this period, 4.3 times more than the preceding decadal period of fiscal years 2004-2014. This impressive employment growth is not limited to the agricultural sector, as the report also notes that the total number of jobs created in manufacturing and services during fiscal years 2014-2023 reached 89 million, compared to 66 million in the previous decade. Furthermore, the report highlights that the total employment reported by micro, small, and medium enterprises (MSMEs) registered with the MSME Ministry has crossed 200 million, indicating a robust growth in the MSME sector.

The report also provides insights into the quality of jobs created in the Indian economy. It notes that the share of Employees' Provident Fund Organisation (EPFO) jobs, which primarily capture low-income jobs, has declined from an average of 51% in the five years of fiscal years 2019-2023 to 28% in fiscal year 2024. This suggests that better-paid jobs are becoming more available in the economy. Additionally, the report highlights a significant increase in employment in the construction sector, reflecting the government's focus on infrastructure development.

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