India’s job market continues to boom, with a massive 4.67 crore jobs added in the last fiscal year and robust growth evident in the formal and informal sectors in the current financial year 2024-25. This strong employment generation is reflected in double-digit growth in the unincorporated sector and significant enrollment increases across key social security schemes like EPF and ESIC.
While a massive 4.67 crore additional jobs were created in the Indian economy in the financial year ended March 2024, the fast pace of employment generation has continued into 2024-25 in both the formal and informal sectors, official data shows.
The total estimated employment in India’s Unincorporated Sector recorded a double-digit growth of 10.01 per cent during October 2023–September 2024, compared to the same period of the previous year, according to the annual survey of the Ministry of Statistics released on Thursday.
The Annual Survey of Unincorporated Sector Enterprises (ASUSE) shows that among the broad sectors covered, the number of establishments in the “Other Services” employed more than 12 crore additional workers between October 2023 and September 2024, marking an increase of more than one crore workers from 2022-23 and reflecting robust labour market growth.
Among the broad activities, the “Other Services” sector showed the highest annual growth of 17.86 per cent, followed by 10.03 per cent in the manufacturing sector. The unincorporated non-agricultural sector plays an important role in the Indian economy contributing significantly to employment, Gross Domestic Product, and the overall socio-economic landscape.
This sector sustains millions of livelihoods and acts as a backbone for the incorporated sector by supplying goods and services, reinforcing its role in the domestic value chain. Similarly, India’s employment in the formal sector, which offers better quality jobs, has kept up its growth momentum during the first half of the current financial year with an increase in new additions across the three social security schemes compared to the same period last year, according to official figures released in November.
New enrolments to the Employees’ Provident Fund scheme, which applies to larger organisations and better-paid employees, increased by 2.3 per cent to 6.1 million in the first half of 2024-25 (April-September), compared to the same period of the previous year. New subscriptions to Employees’ State Insurance Corporation, which applies to smaller organisations, grew faster at 5.2 per cent with 9.3 million additions during the first half of the current financial year.
Similarly, subscriptions to the National Pension System were 6.8 percent higher, reflecting the rising number of employees entering better job streams. The Finance Ministry’s latest monthly economic review also observed this improvement in job quality.
–IANS
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