A rise of 36.43% in employment generation – that’s what the government has achieved under Prime Minister Narendra Modi, Union labour minister Mansukh Mandaviya announced on January 2. More specifically, the employment ratio now stood at 64.33% in 2023-2024, which was at 47.15% in 2014-15. In other words, it signals a rise of 36.43%.
The Union labour minister emphasised that about 2.9 crore new employment opportunities were generated under the UPA government that ruled the country between 2004 and 2014. Under Narendra Modi’s government, the figure jumped to 17.19 crore jobs between the 10-year period between 2014 and 2024. The labour minister also quoted data from the Reserve Bank of India (RBI) and said that employment numbers rose from 44.23 crore in 2014 to 47.15 crore at the end of 2023-24. In the last financial year alone, the Centre could generate about 4.6 crore jobs, Mandaviya said.
The sectors that generated most employment
Agriculture: The Union labour minister remarked that sector, which also supports the hands that feed the nation has achieved significant growth in the past 10 years according to data. Employment here has risen 19% between 2014 and 2023. This rate was at 16% between 2004 and 2014, he said.
Manufacturing: Manufacturing is one of the key sectors the Centre is focussing on. Manufacturing sector employment climbed by 6% between 2004 and 2014 (during the UPA tenure), but the comparative figure was 15% between 2014 and 2023 under the NDA rule.
Services: Employment in services sector grew by 25% between 2004 and 2014 during the UPA rule, but it rose by 36% from 2014 to 2023, the minister said. The labour minister also highlighted that unemployment rate declined from 6% in 2017-18 to 3.2% in 2023-24. Concurrently, the employment rate (WPR) climbed up from 46.8% in 2017-18 to 58.2 per cent in the last financial year. The Labour Force Participation Rate (LFPR) rose from 49.8% in 2017-18 to 60.1% in 2023-24. Mandaviya also remarked that in the past 7 years (September 2017 to September 2024) more than 4.7 crore people in the 18-28-year age group were added to the Employees’ Provident Fund Organisation (EPFO) membership.
For any populous country generating employment is one of the key objectives of any government. Union labour minister Mansukh Mandaviya has said that since 2014, the Narendra Modi government has achieved 36% point rise in job creation. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
