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scaling without boundaries forms goal (See 'Corp Brief') MoRD and PCI India ink MoU to bolster women-led enterprises through public procurement (See 'Corp Brief') 5.56 lakh recruitments done since 2014, Including 50,485 in Southern Railway: Vaishnaw (See 'Corp Brief') Trade Mark - Interim injunction allowed where plaintiff successfully satisfies triple test by a strong prima facie case, imbalance of convenience & irreparable injury: HC (See 'Legal Desk') Corporate Mitra Scheme Awareness Webinar organized by IICA Shillong (See 'Corp Brief') Assam Exports First International Consignment of Purabi Ice Cream to Bhutan (See 'Corp Brief') IPR - If plaintiff demonstrates prior adoption, statutory registrations, commercial reputation, and prima facie deceptive similarity between rival marks used for identical goods through common trade channels, ex parte injunction may be granted: HC (See 'Legal Desk') Common Service Centres increase from 83,950 to 5,01,731 (See 'Corp Brief') RM calls for tech-driven preventive healthcare to enhance combat readiness (See 'Corp Brief') A&C - Once claim is consciously and formally withdrawn by party, arbitrator completely loses jurisdiction to adjudicate upon it: HC (See 'Legal Desk') Railways approves Rs 163 Crore Electric Traction Upgradation in South Central Railway (See 'Corp Brief') Govt promotes indigenous Potash Production and Alternative Nutrient Sources (See 'Corp Brief') IBC - Personal guarantee expressly drafted as a continuing and irrevocable guarantee does not stand discharged merely because the guarantor resigns as director of the corporate debtor: NCLAT (See 'Legal Desk') CCI approves amalgamation of Go Digit Infoworks with Go Digit General Insurance (See 'Corp Brief') CCI okays acquisition of units of Oaktree capital group by Brookfield Asset Management (See 'Corp Brief') IBC - If IRP is allowed to perform only limited functions during period when CIRP is under substantial judicial restriction, IRP is not automatically entitled to full professional fees at minimum monthly rate: NCLAT (See 'Legal Desk') Amritsar becomes second spoke airport under India's International Aviation Hub Strategy (See 'Corp Brief') RRBs post Highest-Ever Net Profit of Rs. 10,177 Crore in FY 2025-26 (See 'Corp Brief') PMLA - Retention or continued freezing of a person's property cannot be permitted solely or primarily on ground that investigation is ongoing: SAFEMA TRIBUNAL (See 'Legal Desk') NHAI Successfully defends Major Arbitration Case to Safeguard Public Funds (See 'Corp Brief') Companies Act - Coal beneficiation cannot per se be excluded from ambit of manufacturing process to justify quashing of criminal complaint at preliminary stage: HC (See 'Legal Desk') Digital India BHASHINI conducts Multilingual AI Workshop for Haryana Vidhan Sabha (See 'Corp Brief') MISC - RBI, possessing superior expertise in financial administration over cooperative authorities, has independent power to supersede board of a cooperative bank under the Banking Regulation Act - Principles of natural justice do not apply to Section 36AAA of Banking Regulation Act 1949: HC (See 'Legal Desk') Youth Unrest & CJP Agitation: Key Learnings (See CORP EINSICHT) IPR - Patent offices cannot rely on mere hypotheses or hindsight to dismiss technical advancement: HC (See 'Legal Desk') 'Corporate Mitra Scheme' Awareness Webinar Successfully Organized by IICA Shillong (See 'Corp Brief') Rajya Sabha organises Orientation Programme for newly elected Members (See 'Corp Brief') IBC - 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6.2 Crore net subscribers joined EPFO between Sept, 2017 - March, 2024

Published: Jul 09, 2024

By TIOLCorplaws News Service

NEW DELHI, JULY 09, 2024: ACCORDING to PLFS and RBI's KLEMS data, India has generated more than 8 crore (80 million) employment opportunities from 2017-18 to 2021-22. This translates to an average of over 2 crore (20 million) employment per year, despite of the fact that the world economy was hit by COVID-19 pandemic during 2020-21 which contradicts Citigroup's assertion of India's inability to generate sufficient employment. This significant employment creation demonstrates the effectiveness of various government initiatives aimed at boosting employment across sectors.

PLFS data

The Annual PLFS report depicts an improving trend in labour market indicators related to: (i) Labour Force Participation Rate (LFPR), (ii) Worker Population Ratio (WPR) and (iii) Unemployment Rate (UR) for persons of age 15 years and above during 2017-18 to 2022-23. For instance, the WPR i.e. employment has increased from 46.8% in 2017-18 to 56% in 2022-23. Similarly, the labour force participation has also increased in the country from 49.8% in 2017-18 to 57.9% in 2022-23. The Unemployment Rate has declined from 6.0 % in 2017-18 to a low of 3.2% in 2022-23.

The PLFS data shows that during the last 5 years, more employment opportunities have been generated compared to the number of people joining the labour force, resulting in a consistent reduction in the unemployment rate. This is a clear indicator of the positive impact of government policies on employment. Contrary to the report, which suggests a dire employment scenario, the official data reveals a more optimistic picture of the Indian job market.

EPFO Data

The formal sector employment figures are also being bolstered by government efforts to improve ease of doing business, enhance skill development, and provide incentives for job creation in both the public and private sectors. The EPFO data suggests that more and more workers are joining formal jobs. 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.

New subscribers to NPS

The data from National Pension System (NPS) indicates that more than 7.75 lakh new subscribers have joined the NPS during 2023-24 under the Central and State governments which is 30% more than 5.94 lakh new subscribers joining NPS under government sector during 2022-23. This substantial increase in new subscribers highlights the government's proactive measures to fill-up the vacancies in public sector in timely manner.

Flexi-staffing sector

In a recent interaction of Indian Staffing Federation (ISF) members with Secretary, Ministry of Labour and Employment, ISF members informed that they are employing about 5.4 million formal contract workers. Nearly 30% demand in the sector remains unfulfilled at frontline across manufacturing, retail, banking due to talent shortages and labour mobility. 

Multiple new opportunities

The future prospects of the employment market in India are highly encouraging, as evidenced by data from various sources. The Global Capability Centers (GCCs) in India have shown remarkable growth in recent years. The gig economy also promises significant increase in workforce in the country. Notably, the NITI Aayog report on gig economy projects a substantial increase in platform workers, which is expected to reach 2.35 crore (23.5 million) by 2029-30, underscoring the rapid expansion of the gig economy. 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. These developments collectively reflect India's robust economic trajectory and its potential to generate diverse employment opportunities.

Data Credibility

It is well known that the private data sources, which the report/media refers to as more reliable, has several shortcomings. These surveys use their own derived definition of employment - unemployment which is not aligned to either national or international standards. The sample distribution and methodology are often critiqued for not being as robust or representative as official data sources like PLFS. Therefore, reliance on such private data sources over official statistics can lead to misleading conclusions and thus, should be used with caution.

Further, some authors use data selectively which undermines the credibility of their analysis and does not present an accurate picture of the employment scenario in India. Such reports fail to consider the positive trends and comprehensive data from official sources.

Summary

The official data sources like PLFS, RBI, EPFO, etc. show consistent improvements in the key labour market indicators, including increased Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR), and a declining Unemployment Rate during last five years. EPFO and NPS data further support the positive employment trends. The trends in manufacturing, expanding service sector, infrastructure growth, apart from others, including emerging opportunities in multiple sectors such as gig and platform economy and GCCs indicate robust future prospects.

The Ministry of Labour and Employment emphasizes the credibility and comprehensiveness of official data, cautioning against the selective use of private data sources that can lead to misleading conclusions about India's employment scenario.

The Government remains committed to creating a robust and inclusive job market, and the evidence suggests substantial progress is being made in this direction.

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