India’s central bank announced that the country saw robust job creation, adding 46.7 million new jobs in the fiscal year ending March. This marked a significant increase from previous years, with an employment growth rate of 6% for 2023-24, up from 3.2% in the previous fiscal year, according to Reserve Bank of India (RBI) data. The rise in employment reflects positive momentum in India’s economy despite challenges highlighted in private surveys regarding higher unemployment rates.
India’s total employment surged to 643.3 million in 2023-24, up from 596.7 million in FY23, as reported by the RBI using data from the National Accounts and Ministry of Labour. The RBI also provided a preliminary estimate of total economy productivity for FY 2023-24, indicating proactive efforts to monitor and support economic growth. These developments are amidst discussions about the job market’s resilience and the country’s broader economic trajectory.
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