New Delhi, January 3: According to data compiled by the Reserve Bank of India, job creation in agriculture, manufacturing and services sectors has slowed in the last 10 years under Prime Minister Narendra Modi compared to the previous decade under the Congress-led UPA government. A significant increase was observed.

The data shows that 17.9 crore additional jobs were created between 2014 and 2024 under PM Modi, while 2.9 crore jobs were created during the UPA regime between 2004 and 2014. During the Modi government, employment increased by 36% compared to only 6%. percent during the UPA regime. India added 17.9 crore jobs in last 10 years: BJP spokesperson Sanju Verma (watch video).

The data shows that 4.6 crore jobs were created during 2023-24 and the total number of employees in the country increased from 596.7 million in 2022-23 to 643.3 million in the fiscal year ending March 31, 2024. RBI’s KLEMS database covers the five main inputs of production – capital (K), labor (L), energy (E), materials (M), and services (S). The database is compiled for 27 industries that make up a total of six sectors that cover the entire economy. Job applications: 7 out of 10 Indian employees are ready to apply for new real-world job skills for future demands.

RBI data on sector-wise growth also shows considerable improvement under the Modi government. For example, the agriculture sector grew by 19 percent during the Modi government, compared to a decline of 16 percent during the UPA. The manufacturing sector grew by 15% during 2014-2024 as against only 6% during UPA’s 2004-2014. Under the Modi government, the services sector also recorded an impressive 36 percent growth, compared to 25 percent during the UPA regime.

RBI has also for the first time made a provisional estimate of productivity for the total economy in FY24 based on available information. It reflects the quality of labor in the economy based on the education level of the workers. The data shows employment growth across education levels and age groups. The unemployment rate has come down to 1.4% in FY24 from 2.2% in FY18.

The services sector, with the exception of construction, now absorbs most of the labor force moving out of agriculture. This is in stark contrast to the period 2000-2011 when the construction sector was providing most of the jobs to the workforce. The data also show that high-skilled activities, such as financial and business services, education, and health care, are seeing an increase in the share of educated workers.

(The above story was first published on LatestLY on January 03, 2025 at 02:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website. latest.com).