RBI Estimates 5% Job Growth in FY23 Post-COVID Recovery

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RBI Estimates 5% Job Growth in FY23 Post COVID Recovery: Recent estimates from the (Reserve Bank of India) RBI Estimates 5% Job Growth in FY23, with approximately 580 million people expected to be employed, marking a 5% growth. This surge is largely attributed to the easing of the pandemic’s impact, as revealed by the analysis of the Periodic Labor Force Survey (PLFS) data of post-COVID recovery.

FY23 – Insights from KLEMS Data

The forthcoming KLEMS database, based on the PLFS data, is set to shed light on various economic inputs, including Capital (K), Labor (L), Energy (E), Materials (M), and Services (S). This dataset is crucial for understanding production processes and outputs within the economy.

FY23 – Employment Trends and Sectors

The KLEMS database’s preliminary findings from the previous year indicate a significant increase in employment, with India adding 30 million jobs from 2021 to 2022, reaching a total of 553 million employed individuals. Over the past five years, the country has added a remarkable 110 million jobs, starting from 470 million in 2017-2018.

FY23 – Sector-wise Breakdown

According to KLEMS data for 2021-2022, the agriculture sector led in job creation with 237 million jobs, followed by construction with 68 million jobs and trade with 63 million jobs. Conversely, industries involved in refined petroleum products witnessed the lowest job creation at 324,000, while the plastics industry added 1.32 million jobs.

FY23 – Expert Perspectives

Eminent economists, including Pronab Sen and Professor NR Bhanumurthy, emphasize that the increase in employment reflects the reopening of job opportunities from post-COVID recovery rather than the creation of new ones. They highlight the significance of this recovery in restoring economic momentum.

FY23 – Holistic Employment View

PLFS data encompasses various sectors and types of employment, offering a comprehensive view of India’s workforce dynamics. This inclusive approach aids policymakers and analysts in understanding the intricacies of the employment landscape.

FY23 – Implications for Policy and Economy

The projected increase in employment signals a positive trajectory for India’s economic recovery, particularly in contact-intensive sectors that began rebounding in 2022-2023. However, it also underscores the challenges ahead in maintaining this momentum and addressing unemployment concerns.

FY23 – Unemployment Trends

While the data indicates a decline in the unemployment rate for female workers and young individuals, there is a pressing need to address the lingering unemployment issues. The decline in unemployment rates reflects positive strides but also highlights areas requiring focused interventions.

FY23 – Government Response and Criticism

The government’s efforts to create job opportunities have come under scrutiny, particularly in light of its promise to generate 20 million jobs annually. As the government faces criticism over job creation, the employment figures serve as a focal point in ongoing political debates.

Conclusion

The RBI Estimates 5% Job Growth in FY23 reflects a promising recovery from the post-COVID recovery on the job market. With concerted efforts and policy interventions, India aims to sustain this momentum, ensuring inclusive growth and opportunities for its workforce.

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