New Delhi: Employment generation in the country has witnessed a remarkable growth of 36 per cent during the last ten years. More than 17 crore additional jobs were created from 2014 to 2024 under Modi government. Data released by the Labour and Employment Ministry showed this.
Around four crore 60 lakh jobs were generated in the country last year. The employment growth rate of 36 per cent achieved between 2014-2024 is far better than the 7 per cent growth registered from 2004 to 2014. Under the UPA government, 2 crore 90 lakh additional jobs were created between 2004 to 2014.
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The employment opportunities in the Agriculture sector grew by 19 per cent, 15 per cent in the manufacturing sector, and 36 per cent in the service sector under the Modi government. As per the Ministry, the unemployment rate declined from 6 per cent in 2017-18 to 3.2 per cent in 2023-24.
The employability of graduate youth grew significantly from 33.95 per cent in 2013 to 54.81 per cent in 2024. Over 4 crore 70 lakh youth aged between 18 to 28 years have joined EPFO in the last 7 years.
The labour force participation rate (LFPR) too grew from 49.8 per cent in 2017-18 to 60.1 per cent in 2023-24.Growth in youth employment rate grew from 31.4 per cent in 2017-18 to 41.7 per cent in 2023-24. While the unemployment rate dropped from 17.8 per cent to 10.2 per cent in the same period.
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