NEW DELHI: Government on Monday responded to the Citigroup’s forecast that India will wrestle to create employment even at 7% development price saying that the report doesn’t take note of all official information sources.
“The recent research report by Citigroup on Employment in India quoted by some of the print and electronic media, which forecasts that India will struggle to create sufficient employment opportunities even with a 7% growth rate, fails to account for the comprehensive and positive employment data available from official sources such as the Periodic Labour Force Survey (PLFS) and the Reserve Bank of India’s KLEMS data,” labour and employment ministry stated in a press assertion.
“Therefore, the Ministry of Labour and Employment strongly rebuts such reports which do not analyse all official data sources available in the public domain”, it added.
What Citigroup stated
Citi report forecasts that India should generate roughly 12 million jobs yearly within the subsequent decade to accommodate new entrants into the labor market.
With a development price of seven%, the report says, that India could solely handle to create 8-9 million jobs annually.
How Centre responded
Citing PLFS and RBI’s KLEMS information, labour ministry stated that from 2017-18 to 2021-22, the Covid years, India generated over 80 million jobs which quantities to 20 million jobs yearly on a median.
The ministry stated that this “contradicts Citigroup’s assertion of India’s inability to generate sufficient employment.”
What does report say on high quality of jobs in India
The high quality of jobs in India stays a priority, in accordance to the report. It highlighted that regardless of agriculture contributing lower than 20% to GDP, about 46% of the workforce is employed on this sector.
Manufacturing, which represented 11.4% of complete employment in 2023, has seen a decline in contrast to 2018, indicating an absence of restoration for the reason that pandemic.
‘Formal sector employment … ‘: Government highlights constructive pattern
Pointing out a constructive pattern in rise in formal sector employment, the ministry stated, “During 2023-24, more than 1.3 crore subscribers joined EPFO which is more than double compared to 61.12 lakh joined EPFO during 2018-19. Moreover, during last six and half years (since September, 2017 to March, 2024) more than 6.2 crore net subscribers have joined EPFO.”
It additional highlighted the booming gig financial system sector saying, “The gig workers are expected to form 6.7% of the non-agricultural workforce or 4.1% of the total livelihood in India by 2029-30.”
“The recent research report by Citigroup on Employment in India quoted by some of the print and electronic media, which forecasts that India will struggle to create sufficient employment opportunities even with a 7% growth rate, fails to account for the comprehensive and positive employment data available from official sources such as the Periodic Labour Force Survey (PLFS) and the Reserve Bank of India’s KLEMS data,” labour and employment ministry stated in a press assertion.
“Therefore, the Ministry of Labour and Employment strongly rebuts such reports which do not analyse all official data sources available in the public domain”, it added.
What Citigroup stated
Citi report forecasts that India should generate roughly 12 million jobs yearly within the subsequent decade to accommodate new entrants into the labor market.
With a development price of seven%, the report says, that India could solely handle to create 8-9 million jobs annually.
How Centre responded
Citing PLFS and RBI’s KLEMS information, labour ministry stated that from 2017-18 to 2021-22, the Covid years, India generated over 80 million jobs which quantities to 20 million jobs yearly on a median.
The ministry stated that this “contradicts Citigroup’s assertion of India’s inability to generate sufficient employment.”
What does report say on high quality of jobs in India
The high quality of jobs in India stays a priority, in accordance to the report. It highlighted that regardless of agriculture contributing lower than 20% to GDP, about 46% of the workforce is employed on this sector.
Manufacturing, which represented 11.4% of complete employment in 2023, has seen a decline in contrast to 2018, indicating an absence of restoration for the reason that pandemic.
‘Formal sector employment … ‘: Government highlights constructive pattern
Pointing out a constructive pattern in rise in formal sector employment, the ministry stated, “During 2023-24, more than 1.3 crore subscribers joined EPFO which is more than double compared to 61.12 lakh joined EPFO during 2018-19. Moreover, during last six and half years (since September, 2017 to March, 2024) more than 6.2 crore net subscribers have joined EPFO.”
It additional highlighted the booming gig financial system sector saying, “The gig workers are expected to form 6.7% of the non-agricultural workforce or 4.1% of the total livelihood in India by 2029-30.”
