New jobs created in Indian economy in 2014-23 jump over 4-fold compared to 2004-14: Report

As many as 12.5 crore jobs have been created in the Indian economy during the financial years 2014-23, which represents an over four-fold jump from the 2.9 crore jobs created during 2004-14, according to a State Bank of India (SBI) study.

"Even if we exclude Agriculture, the total number of jobs created in Manufacturing and Services is at 8.9 crores during FY14-FY23 and 6.6 crores during FY04-FY14," according to the report prepared by SBI's Economic Research Department based on RBI data.

The total employment reported by Micro, Small and Medium Enterprises (MSMEs) registered with the MSME Ministry has crossed the 20 crore mark, data from the Udyam registration portal shows.

As of July 4, 4.68 crore Udyam-registered MSMEs reported 20.19 crore jobs, including 2.32 crore jobs by GST-exempted informal micro enterprises, up by 66 per cent from 12.1 crore jobs in July last year, showed ERD's analysis.

"One interesting fact emerges by comparing EPFO (Employee Provident Fund Organisation) data with RBI's KLEMS (Capital/K, Labour/L, Energy/E, Material/M and Services/S) data. When we took the share of EPFO with KLEMS, the FY24 share at 28 per cent was drastically lower than the average share of the 5-year period (FY19-FY23) at 51 per cent. As EPFO data capture primarily low-income jobs, the declining share is quite encouraging and indicate that possibly better paid jobs are getting available in the economy," said Soumya Kanti Ghosh, SBI's Group Chief Economic Advisor.