Increase in jobs in financial year 2023 – Careers Ready Careers Raedy

Reference

According to Reserve Bank of India (RBI) estimates, the number of people engaged in jobs is expected to increase by 5% to around 580 million in the financial year 2022-23.

related facts

This increase in jobs will be included in RBI's KLEMS database based on the Periodic Labor Force Survey (PLFS) data analysis for the same period.
According to the KLEMS database (continued from previous year), in preliminary findings, the number of employed people increased by about 30 million from 553 million in the year 2021-22.
This year's KLEMS database is expected to be released by RBI within a few months.

About KLEMS and PLFS data

KLEMS provides micro/detailed data on inputs used in the production process and outputs generated by the economy, while PLFS data provides information on the size and composition of the labor force, employment trends and unemployment rates in different sectors and demographic groups.
- PLFS data covers all sectors, including Organized, unorganized, self-employed and agricultural workers Such broad categories of employment are covered.
- KLEMS data production Five major inputs- capital (K), labor (L), energy (E), materials (M) and services (S) Provides insight into.
- KLEMS data, PLFS Comes after the release of the data, which is usually published in October each year.
Significance: Both sets of data are important to understand various aspects of the economy and make appropriate policies.

Periodic Labor Force Survey (PLFS)

beginning: National Sample Survey Office (NSSO) in the year 2017.
Objective: Estimating key employment and unemployment indicators.
- Short time interval of three months in 'Current Weekly Status' (CWS) for urban areas only. Both 'normal situation' (PS+SS) and CWS annually in both rural and urban areas.
The key employment and unemployment indicators in the Periodic Labor Force Survey are defined as:
- Labor Force Participation Rate (LFPR): LFPR is defined as the percentage of persons in the labor force (i.e. working or looking for work or available for work) in the population.
- Worker Population Ratio (WPR): WPR is defined as the percentage of employed persons in the population.
- Unemployment Rate (UR): UR is defined as the percentage of unemployed persons in the labor force.

Important information on estimates made by the Reserve Bank of India (RBI)

Better Growth: India has seen an increase of 110 million jobs in the last 5 years, from 470 million in the year 2017-18.
Areas of growth: According to KLEMS data for the year 2021-22, the highest number of jobs were generated in agriculture and allied sectors at 237 million, followed by construction at 68 million and trade at 63 million.
- The lowest number of jobs, 324,000, was in industries involved in the manufacturing of refined petroleum products.
- The plastics industry created 1.32 million jobs.

Re-growth after COVID-19: The estimated increase of approximately 27 million between the two years is a significant number. This increase is significant as both organized and unorganized sectors were highly affected during the Covid pandemic.
- This increase indicates that many activities have returned to normal, especially in contact-intensive sectors, which are beginning to rebound in 2022-23.
- These are not new job opportunities, but re-creation of job opportunities that were lost during the pandemic. Hence it cannot be considered as motion. Instead, it indicates that our economy is recovering from the Covid period.
  - Keeping in mind that last year was the Covid year during which employment was severely affected, the unemployment rate increased to 9%, while the normal rate was 3%.
According to PLFS, the unemployment rate among women workers was 5.6% in the year 2017-18 which decreased to 2.9% in the year 2022-23.
- However, among youth, including women, the unemployment rate is expected to decline from 17.8% in 2017-18 to 10% in 2022-23.

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