India Creates 46.7 Million Jobs in Fiscal 2023-24

India created 46.7 million jobs in the fiscal year 2023-24, resulting in a 6% employment growth rate and bringing the total number of jobs to 643.3 million. This job growth is set against a backdrop of 8.2% GDP growth in FY24, with a projected 7.2% growth in FY25. The Reserve Bank of India (RBI) and the Ministry of Labour provided the employment data, which was extrapolated from 27 industries, covering agriculture, manufacturing, and services. Despite the significant job creation, the Center for Monitoring the Indian Economy (CMIE) reported a 9.2% jobless rate in June 2024, highlighting discrepancies with job creation data. Future employment prospects remain uncertain, with Citibank estimating that 7% GDP growth would yield only 8-9 million jobs, while the federal labour department reported an average of 20 million jobs created annually between 2017-22.

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