Reserve Bank of India (RBI) released a report showcasing an increase in employment rate led by the agriculture sector and other allied services such as; health, construction and social welfare after the pandemic situation 2020-2021.
The report given by RBI often measures the rate of productivity across 27 sectors which in through, resulted in an intensified debate as the COVID-19 caused desolation across various sectors and also affected the GDP. The report delivered last week has included data which unveiled an increase of about 18.5 million employment including 4.8 million in construction under the agriculture and allied services. Some official sources have also revealed that the resulted numbers were also computed by the added gross value, referred as GVA.
PM Narendra Modi inculcated the given report on Saturday and often argued about the creation of 80 million new jobs which has resulted in forbidding the flow of false information, including the absence of new jobs. Reserve Bank of India further introduced the KLEMS database with the help of different sources which shows that the larger part of employment present in allied services should also be contributed to self-employment. KLEMS is a basically a data analysis done on the basis of capital, labour, energy, materials and services. A rise of 1.3 million employment in health sector could easily be noticed during pandemic period. Also, about 1 million employment was shown in constructional activities but, a declination of about 1.2 million in education could be seen. On Tuesday, RBI has performed an analytic review of data which unveil about the total number of workers which were being added in the year 2020-2022. The report has revealed about the significant increase in the number of workers (4.2 crore) has led to a gradual increase in agriculture sector.
Pandemic has resulted in a stimulating effect that contradicts about the overall growth of production in the financial year 2021. The report inculcated about 4.7 crore jobs were being added in India under financial year 2024 and estimated an increase of about 6% employment growth higher than previous year. This is the first time where Reserve Bank of India with the help of available numbers has tried to triggered about the number of jobs which were being created in financial year 2024.