Bharat is experiencing an unprecedented surge in employment across various sectors, reflecting the nation’s growing economic strength and vitality. According to the KLEMS (K: Capital, L: Labor, E: Energy, M: Materials and S: Services) database published by the Reserve Bank of India (RBI), the country’s employment figures have soared to 64.33 crore in 2023-24, a significant rise from 47.5 crore in 2017-18. This substantial increase of 16.83 crore jobs over the six years marks a milestone in Bharat’s economic journey.
Formal Sector Employment on the Rise
The Employees’ Provident Fund Organization (EPFO) Payroll Data marks the increasing formalization of employment in Bharat. In 2023-24 alone, over 1.3 crore net subscribers joined EPFO, bringing the total number of net subscribers to more than 6.2 crore since September 2017. This shift towards formal employment provides workers greater job security and benefits and contributes to a more structured and stable labour market.
Periodic Labour Force Survey (PLFS) Insights
The Ministry of Statistics and Programme Implementation (MoSPI) conducts the Periodic Labour Force Survey (PLFS) annually, covering the period from July to June. This survey offers valuable insights into employment and unemployment trends in Bharat. Combined with data from the KLEMS database and EPFO Payroll Data, it paints a promising picture of Bharat’s employment landscape, characterized by a steady increase in job opportunities and the formalization of employment.
Some Key Data Points that give a glimpse of a positive employment scenario
- As per the PLFS survey, the total labour force participation rate is increasing at 57.9% in FY23, compared to 53.5% in FY20. The overall unemployment rate has declined and is 3.2% in FY23.
- Employment in Bharat increased to 64.33 crore over 27 sectors in 2023-24.
- The total increase in employment from 2017-18 to 2023-24 is 16.83 crore.
- Net subscribers who joined EPFO increased by 114% from FY 2019 to FY 2024
- More than 6.2 crore net subscribers have joined EPFO since September 2017.
- Employment displays a promising future as the National Pension System (NPS) witnessed a remarkable 30% increase in new subscribers in 2023-24, totalling over 7.75 lakh.
- The gig economy is poised to expand to 2.35 crore workers by 2029-30, accounting for 6.7% of the non-agricultural workforce, indicating a bright future for job growth.
Robust expansion of Bharat’s labour force
Bharat’s labour force is experiencing robust expansion. As per the latest available Annual PLFS Reports, the estimated Worker Population Ratio (WPR) for individuals aged 15 years and above has shown a steady upward trajectory from 2020-21 to 2022-23. The WPR increased from 52.6% in 2020-21 to 52.9% in 2021-22, followed by a substantial rise to 56% in 2022-23. This sustained growth signifies a positive shift in Bharat’s employment landscape, reflecting the nation’s increasing economic vitality and the expanding opportunities available to its citizens.
The Bharatiya government is at the forefront of employment generation
The Bharatiya Government recognizes the importance of employment generation and enhancing employability, prioritizing initiatives that foster job creation and skill development. Ministries and Departments have launched various schemes and programs to promote employment opportunities nationwide.
Several key Ministries involved in these efforts include:
- Ministry of Micro, Small & Medium Enterprises
- Ministry of Rural Development
- Ministry of Housing & Urban Affairs
- Ministry of Finance
- Ministry of Textile
These Ministries are actively implementing employment generation schemes such as:
- Prime Minister’s Employment Generation Programme (PMEGP): Encourages entrepreneurship and job creation in micro and small enterprises.
- Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS): Provides guaranteed employment in rural areas, promoting livelihood security.
- Pt. Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY): Fosters rural youth employability through skill development and placement support.
- Rural Self Employment and Training Institutes (RSETIs): Trains and supports rural youth in entrepreneurship and self-employment.
- Deen Dayal Antodaya Yojana-National Urban Livelihoods Mission (DAY-NULM): Enhances urban livelihoods through skill training, employment, and entrepreneurship opportunities.
- Pradhan Mantri Mudra Yojana (PMMY): Facilitates access to credit for small and micro enterprises, promoting entrepreneurship and job creation.
The Government’s stress on entrepreneurship, via initiatives like PMMY and newer schemes like PM SVANidhi, is effecting a fundamental change in Bharat’s labour market dynamics, formalizing credit access and, in turn, employment, especially for the most disadvantaged segments.
A Brighter Future for Bharat’s Workforce
These initiatives demonstrate the Government’s commitment to empowering employment and enhancing employability, ensuring a brighter future for Bharat’s workforce. The significant increase in employment, particularly in the formal sector, coupled with various government schemes, defines Bharat’s emergence as a global economic powerhouse driven by a burgeoning and increasingly engaged workforce.
Bharat’s employment landscape is evolving rapidly, and the data suggests that the country is on a positive trajectory towards sustained economic growth and prosperity. With continuous efforts to formalize employment and provide ample job opportunities, Bharat is well-positioned to harness the potential of its vast and dynamic labour force. This momentum is expected to continue, further bolstering the nation’s economic resilience and providing a solid foundation for future growth.
(Featured Image Source: HT Media)
