Home Economy News Latest RBI KLEMS data shows surprising jump in employment, even during pandemic
While economists will take time to decipher trends from this voluminous data set, one issue stands out. The FY24 tables claim that 46.7 million jobs were created in FY24 versus only 19 million in FY23 and 11.9 million in FY22. This kind of job creation doesn’t sqaure with the poor consumption growth of just 4% that the GDP data shows for FY24.
The KLEMS data, just released by RBI, is a rich source of many aspects of the economy, including labor employed, capital added, value added, quality of labor, and composition of capital, among others.
RBI draws these tables from various sources like the NSO (National Statistical Organisation), NSSO (National Sample Survey), ASI (Annual Survey of Industry), input-output tables, and PLFS data (Periodic Labour Force Survey). The KLEMS dataset covers data from 1980 to FY24.
While economists will take time to decipher trends from this voluminous data set, one issue stands out. The FY24 tables claim that 46.7 million jobs were created in FY24 versus only 19 million in FY23 and 11.9 million in FY22. This kind of job creation doesn’t sqaure with the poor consumption growth of just 4% that the GDP data shows for FY24.
What is more bizarre, the data set shows that about 42 million jobs were created in FY20 and 31 million in FY21, though both were COVID years and resulted in huge job losses as restaurants and travel industry shut down completely.
Even more surprising, the total jobs in the economy hover between 471 million and 473 million for 6 years between FY12 to FY17 and then start climbing during COVID years starting FY20.
Economists who specialise in labour studies say the PLFS data also shows a rise in worker population ratio since COVID, but these are largely self employed and own-family work. Regular wage employment has actually declined since COVID, they said.
A brief note on KLEMS: The abbreviation is structured as follows: K stands for Capital, L for Labour, E for Energy, M for Materials, and S for Services.
Year Total number of employed persons (in mln)
Increase in number of jobs (in mln)
2023-24(prov) 643.3 +46.6 2022-23 596.7 +19.2 2021-22 577.5 +11.9 2020-21 565.6 +31.2 2019-20 534.4 41.8 2018-19 492.6 +17.6 2017-18 475 +1.8 2016-17 473.2 +1.2 2015-16 472.04 +0.58 2014-15 471.46 -0.7 2013-14 471.47 -0.6 2012-13 472.06 +0.5 2011-12 471.6
Also read: RBI data shows far more jobs than indicated by private surveys
(Edited by : Anand Singha)
First Published:
Jul 8, 2024 8:42 PM
IST
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