Employment Situation in New India
According to the vision outlined by Prime Minister Modi, India is making significant strides towards achieving a $5 trillion economy by 2024-25. Under his leadership, the economic recovery in the country continues to have a positive impact on employment situation in New India, thanks to the multiplier effect. Furthermore, the Budget for 2023-24 has injected strong momentum into economic growth with a substantial 33% increase in the country’s capital investment, now totaling Rs 10 lakh crores. This boost in capital investment is poised to not only stimulate economic activities but also enhance employment prospects across the nation. The surge in employment opportunities in India is evident through various indicators, including increased job enrollments in the organized sector, a growing number of registered companies, the proliferation of startups, and the emergence of numerous Unicorns in the country. This expansion of employment opportunities extends to new sectors like AI, cloud computing, data analytics, automation, and more. The employment situation in New India is constantly evolving, and the employment situation in 2023 has witnessed significant transformations. Current Employment Situation in India 2023 | Current Employment Situation in India According to the Economic Survey released in January 2023, the Indian economy’s GDP is projected to experience growth in the range of 6% to 6.8% during the fiscal year 2023-24. This projection is based on the evolving economic conditions and global political developments. The Indian economy’s growth is primarily being driven by private consumption, capital formation, and capital investment. This positive momentum has led to increased employment opportunities and a reduction in urban unemployment rates, along with higher registrations in the Employee Provident Fund. Additionally, the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has played a crucial role in providing direct employment in rural areas, while also creating indirect job opportunities for rural households to diversify their income sources. The recent consumer confidence survey conducted by the Reserve Bank of India (RBI) in October 2023 (results of September 2023) reflects improved contemporary and future employment and income conditions. The highlights of the Consumer Confidence Survey are as follows – The employment rate in the country has shown growth during the current fiscal year, as supported by both official and unofficial sources. The Periodic Labour Force Survey (PLFS) indicates an increase from 50.7% in 2017-18 to 60.8% in 2022-23, whereas in urban areas, it increased from 47.6% to 50.4%. The LFPR for males in India increased from 75.8% in 2017-18 to 78.5% in 2022-23, while the corresponding increase in LFPR for females went from 23.3% to 37.0%. Moreover, the Labor Force Participation Rate (LFPR) has improved, indicating a positive trajectory for the Indian economy despite the initial pandemic-induced slowdown in early FY 2023. According to the Overview of the Union Budget for the fiscal year 2023-24, increased investments in infrastructure and enhancing productive capacity have a substantial multiplier effect on both economic growth and employment. Furthermore, the government plans to set up 100 laboratories within engineering institutions to focus on developing applications utilizing 5G services. This initiative aims to tap into a wide array of new opportunities, business models, and, importantly, employment prospects. These laboratories will encompass areas such as smart classrooms, precision farming, intelligent transport systems, and healthcare applications. Significant aspects revealing Employment Situation of the Country: 1. Increase in EPFO Subscription As on October 2023, 498058 total EPFO registration has been done and as on April 2023, the total new subscriber during March 2023 accounted to be 7,57,792, out of which, 5,67,149 were males and 1,90,630 were females. The newly joined members belong from the age of 18-21 years comprising 2,34,720, followed by the 22-25 years age group comprising 1,94,216. In May 2023, 10,08,693 members have rejoined the EPFO membership, showing a significant increase compared to the previous year. These members have commutated their jobs and rejoined the establishments covered under EPFO and opted to transfer their accumulations rather than applying for final settlements. Therefore, extending the scope of social security protection. 2. QES Indicates the Surge in Employment A “quarterly bulletin” refers to a periodic publication or report issued by an organization, such as a government agency, central bank, or a company, that provides information, analysis, and estimates about various economic, financial, or other relevant indicators for a specific quarter or three-month period. The term “estimates” in the context of a quarterly bulletin typically pertains to projections, forecasts, or assessments made by the organization regarding trends, statistics, or other data for the upcoming quarter or future periods. These estimates can include economic growth forecasts, inflation predictions, employment figures, trade balances, and more, which are essential for stakeholders, policymakers, and the public to understand and make informed decisions. The current Quarterly Bulletin (published by National Sample Survey Office) is the 18th in the series for the quarter January–June 2023. The significant finding of the QES is – Survey period Male Female Person (1) (2) (3) (4) April – June 2022 73.5 20.9 47.5 July – September 2022 73.4 21.7 47.9 October – December 2022 73.3 22.3 48.2 January – March 2023 73.5 22.7 48.5 April – June 2023 73.5 23.2 48.8 Source: National Sample Survey Office Key Findings of PLFS, Quarterly Bulletin (April –June2023) – The “Labor Force Participation Rate,” often referred to as the “Worker Population Ratio,” is a statistical measure that calculates the percentage of the working-age population (typically those aged 16 to 64 or 15 to 64, depending on the country’s definition) that is either employed or actively seeking employment. It is used to assess the proportion of people within a specific age group who are engaged in the labor force, which includes those who have jobs or are actively looking for work. This ratio is a key indicator in labor market analysis and provides insights into the economic participation of a particular demographic group within a given region or country. WPR (in percent) in CWS in urban areas for persons of age 15 years and above – Survey period Male Female Person (1) (2) (3) (4) April –
