India’s employment rate grew by 6 per cent in the fiscal year ended March 31, 2024 from a growth of 3.2 per cent in 2022-23, according to the Reserve Bank of India’s data. Employment in the country increased by 4.67 crore to 64.33 crore (provisional) in the fiscal year 2023-24, from 59.67 crore in 2022-23, the RBI’s Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database showed. In the year ended 2022-23, employment in the country stood at 57.75 crore, compared to 56.56 crore in 2021-22, the RBI data showed.
The database covers 27 industries comprising the entire Indian economy. The database also provides these estimates at the broad sectoral levels (agriculture, manufacturing and services) and at the all-India levels.
It includes measures of Gross Value Added (GVA), Gross Value of Output (GVO), Labour Employment (L), Labour Quality (LQ), Capital Stock (K), Capital Composition (KQ), the consumptions of Energy (E), Material (M) and Services (S) inputs, Labour Productivity (LP) and Total Factor Productivity (TFP).