The Ministry of Labor and Employment has cited detailed data in the public domain to contradict Citigroup’s claim.
Center debunks Citigroup’s jobs report, highlights positive employment data
He Government of India On Monday he issued a rebuttal to a recent Citigroup Research The report, which has raised concerns about the pace of job creation, “fails to take into account the positive and comprehensive results.” employment data available in official sources such as the Periodic survey of the working population (PLFS) and the Reserve Bank of India‘KLEMS data’, the Ministry of Labor and Employment saying.
Citigroup had said that India struggle create enough jobs for its growing population over the next decade, even if the country grew at a 7 percent growth rate, and suggested more concerted measures They were needed to boost job creation. The Ministry of Labor cleared up that India has generated over 800 million job opportunities between 2017-18 and 2021-22, translating to an average of over 200 million jobs per year. This, despite the COVID-19 disruptioncontradicts Citigroup’s claim about a possible lack of jobs in India.
Citi economists Samiran Chakraborty and Baqar Zaidi The labour ministry said in the report that based on a 7 per cent growth rate, India can only generate 8-9 million jobs a year. The labour ministry said official data sources have shown “steady improvements” in labour market indicators and a decline in demand. unemployment rate over the past five years. He also added that EPFO and NPS data further support this positive employment trend, with manufacturing, services, infrastructure and other emerging opportunities such as the platform economy and GCC countries showing “strong prospects for the future.”
“Citigroup’s recent research report on Employment in India The report cited by some print and electronic media, which forecasts that India will struggle to create sufficient employment opportunities even with a 7% growth rate, does not take into account the comprehensive and positive employment data available in official sources such as the Periodic Labour Force Survey (PLFS) and the KLEMS data of the Reserve Bank of India. Therefore, the Ministry of Labour and Employment strongly refutes “These reports do not analyse all official data sources available in the public domain,” the ministry said, refuting the Citigroup research report.
The Ministry of Labor also warned against selective use of private data sources that may lead to distortion of India’s employment picture. Meanwhile, RBI data released on July 8 showed that India provisionally created 46.7 million jobs in fiscal year 2023-24, taking total employment to 643.3 million. India’s employment growth rate stood at 6% in 2023-24, up from 3.2% in the previous fiscal year, the RBI report showed.
“Furthermore, some authors use data selectively, which undermines the credibility of their analysis and does not present an accurate picture of the employment situation in India. Such reports fail “In order to take into account positive trends and comprehensive data from official sources,” the ministry said.
“Official data sources like PLFS, RBI, EPFO etc. show consistent improvements in key labour market indicators including rise Labor force participation rate (LFPR) and Population-worker ratio (WPR) and a declining unemployment rate over the past five years. EPFO and NPS data further support the positive employment trends. Trends in manufacturing, expansion of the services sector, and growth in infrastructure, among others, including Emerging opportunities across multiple sectors, including the platform and gig economy and GCC countries, indicate strong future prospects.
“The Ministry of Labor and Employment emphasizes the credibility and comprehensiveness of official data, warning against selective use of private data sources that may lead to misleading conclusions about India’s situation. employment scenario“, the Ministry added.
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