India’s job market sees significant growth – RBI

The Reserve Bank of India (RBI) said on Monday that India added 46.7 million jobs, increasing total employment to 643.3 million, with a national employment growth rate of six per cent, up from the previous year’s 3.2 per cent.

A recent Citibank report raises concerns about India’s job creation. Despite a seven per cent economic growth rate, the country may only generate 8-9 million jobs annually, falling short of the needed 11-12 million.

Citibank’s chief India economist, Samiran Chakraborty, worries that even with seven per cent GDP growth, job requirements may not be met in the next decade.

The federal labour department responded to Citi’s report by stating that their estimates show an average of over 20 million job opportunities were created annually from 2017-18 to 2021-22.

Attribution: Reuters