Ministry of Labour and Employment Rebuts Citigroup’s Employment Report, Highlights Positive Trends.
New Delhi:
In response to recent assertions by Citigroup regarding India’s employment landscape, the Ministry of Labour and Employment has strongly refuted claims of impending challenges, citing comprehensive data from official sources that depict a robust and inclusive job market.
According to the Ministry, data from the Periodic Labour Force Survey (PLFS) and the Reserve Bank of India’s KLEMS indicate significant strides in employment generation from 2017-18 to 2021-22, amounting to over 8 crore (80 million) job opportunities created. This equates to an average of more than 2 crore (20 million) employments annually, despite global economic disruptions such as the COVID-19 pandemic in 2020-21.
Key indicators from the PLFS highlight a positive trajectory in India’s labour market, showcasing increases in Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR), alongside a decline in Unemployment Rate (UR) from 6.0% in 2017-18 to 3.2% in 2022-23.
Moreover, data from the Employees’ Provident Fund Organisation (EPFO) underscores a significant uptick in formal sector employment, with over 6.2 crore net subscribers joining since September 2017. Recent figures reveal a notable surge, as more than 1.3 crore new subscribers were added during 2023-24 alone.
Further bolstering these positive trends, the National Pension System (NPS) recorded a substantial increase in new subscribers, reflecting proactive government measures to enhance public sector employment opportunities.
Addressing criticisms of data reliability, the Ministry emphasized the credibility of official sources like PLFS and cautioned against the selective use of private data, noting discrepancies in methodology and representation that could lead to misleading interpretations.
Looking ahead, India’s employment landscape appears promising with growing opportunities in sectors such as manufacturing, services, and emerging industries like the gig economy and Global Capability Centers (GCCs). Projections from NITI Aayog indicate a significant expansion in platform workers, underscoring the country’s dynamic economic growth potential.
In conclusion, the Ministry reaffirmed the government’s commitment to fostering a resilient and inclusive job market, as evidenced by tangible improvements across key labour market indicators. The official data paints a positive outlook, contrasting with purported challenges highlighted by external reports, and underscores India’s trajectory towards sustained economic growth and employment creation.
