Significant Employment Growth in India: 2016-17 to 2022-23
| Summary/Static | Details |
|---|---|
| Why in the news? | India has witnessed significant employment growth over the years. With employment increasing by nearly 36%, adding around 17 million jobs during 2016-17 and 2022-23. This growth counters the notion of "jobless growth." |
| Employment Growth | (2016-17 to 2022-23) 36% increase, adding around 17 million jobs. |
| GDP Growth (2016-17 to 2022-23) | Average growth of 6.5% annually. |
| Worker Population Ratio (WPR) | Increased by 9 percentage points (26%) from 2017 to 2023. |
| Youth Unemployment (2017-18 to 2022-23) | Declined from 17.8% to 10%. |
| Female Workforce Participation | Steady increase due to supportive policies. |
| Sectoral Employment Agriculture | 45% of the workforce. Gradual shift towards manufacturing & services. |
| Manufacturing Sector Growth | Factories with >100 workers grew by 11.8% between FY18-FY22. |
| Wage Growth (FY15-FY22) | Rural wages: 6.9% CAGR, Urban wages: 6.1% CAGR. |
| Gig Economy Growth | Projected to employ 2.35 crore by 2029-30. |
| Employment Elasticity (2017-23) | 1.11% increase in jobs for each 1% increase in value-added. |
| EPFO Payroll Growth | Yearly net payroll additions more than doubled from 61.1 lakh in FY19 to 131.5 lakh in FY24. |
| Unemployment Rate (2022-23) | Declined to 3.2%. |
| Manufacturing and AI | Manufacturing sector remains shielded from automation, offering continued job growth opportunities. |