Employment emerges as a critical election issue, particularly in light of the recent ILO report indicating that 83 percent of India’s unemployed workforce comprises youth.
According to ANI’s analysis of government data from five distinct sources, there has been a notable increase in job opportunities during the past several years under the Modi administration. Data from the Periodic Labour Force Survey (PLFS), EPFO, RBI, National Career Services (NCS) portal, and various government job-intensive schemes all indicate a rise in employment and a decrease in the unemployment rate. Over the last six years, PLFS data shows a positive trend in both labor participation rates and worker population ratios. Employment has risen from 46.8 percent in 2017-18 to 56 percent in 2022-23, while labor force participation has increased from 49.8 percent to 57.9 percent during the same period.
The unemployment rate has dropped from 6 percent to 3.2 percent from 2017-18 to 2022-23, with a 3.1 percent growth in worker population ratio compared to a labor force participation rate of 2.7 percent, indicating a surplus of jobs relative to demand. In rural areas, unemployment rates have fallen from 5.3 percent in 2017-18 to 2.4 percent in 2022-23, while in urban areas, they have decreased from 7.7 percent to 5.4 percent during the same timeframe. Additionally, there has been a significant decline in the unemployment rate among females, from 5.6 percent in 2017-18 to 2.9 percent in 2022-23. Among youth, the unemployment rate has decreased from 17.8 percent to 10 percent over the same period.
According to PLFS data, employment opportunities for educated individuals have significantly risen over the past six years. The employment rate for graduates increased from 49.7 percent in 2017-18 to 55.8 percent in 2022-23, while for postgraduates and above, it rose from 67.8 percent to 70.6 percent. Analysis of data from the Employee Provident Fund Organisation (EPFO) indicates that 6.1 crore new members joined the EPFO in the last six years. The latest KLEMS database released by the RBI, covering 27 sectors of the economy, suggests that estimated employment in the country increased from 47 crore in 2013-14 to 55.3 crore in 2021-22 over nine years.
The National Career Service (NCS) portal, aimed at connecting employers and employees, witnessed a 214 percent surge in job vacancies in 2023-24 compared to 2022-23. As of March 31, 2024, the NCS platform has attracted a user base of 25.58 lakh employers, with approximately one million active job vacancies daily. Job vacancies on NCS have notably increased in sectors such as finance, insurance, construction, manufacturing, transportation, storage, IT, and communications. Compared to the previous year, 2023-24 saw significant job surges, with a 134 percent increase in the financial sector, 285 percent in operations and support, 155 percent in IT and communications, and 121 percent in the education sector.
Additionally, various policy initiatives by the government have significantly contributed to job creation. The Pradhan Mantri Mudra Yojana (PMMY) has disbursed loans totaling Rs 5,32,358.35 crore as of March 2024. Under the Atmanirbhar Bharat Rojgar Yojana (ABRY), 60.49 lakh beneficiaries have received total benefits amounting to Rs 10,188.5 crore by March 2024. Other schemes such as MGNREGS, PM SVANidhi, and PMEGP have also played a role in job generation. Moreover, employment opportunities have been generated through flagship government programs like Make in India, Start-up India, Digital India, the Smart City mission, Housing for All, infrastructure development, and industrial corridors.
