Prabhasakshi NewsRoom: Amidst opposition’s allegations of unemployment, RBI claims rapid growth in employment in all sectors

The opposition often accuses the Modi government of rapidly increasing the unemployment rate during its tenure. Just two days ago, the Congress had alleged that the Narendra Modi-led government has worsened the unemployment crisis in India by destroying the employment-creating micro, small and medium enterprises (MSMEs) due to arbitrary demonetisation, hastily implemented GST and increasing imports from China. But the latest data from the Reserve Bank of India shows that this government is doing a very good job in the direction of job creation.

An RBI report said that the number of people employed in 27 sectors, including agriculture, trade and financial services, grew by 3.31 per cent year-on-year to 59.66 crores in 2022-23. Earlier, employment in these 27 sectors was 57.75 crores during 2021-22. RBI has published these figures on its website under the title ‘Productivity Measurement at Industry Level – India KLEMS Data’. Let us tell you that KLEMS stands for Capital (K), Labor (L), Energy (E) Material (M) and Service (S).

The Reserve Bank of India data covers 27 industries of the entire Indian economy. According to the RBI report, the ‘agriculture, hunting, forestry and fishing’ sector employed 25.3 crore people. This figure was 24.82 crore in 2021-22. Apart from this, the sectors providing good number of employment included construction, trade and transport and storage.

RBI figures are also important in the sense that Prime Minister Narendra Modi is aiming to make India the third largest economy of the world in his third term and to make India a high-income economy by the year 2047. If the pace of job creation continues at this pace, then the country can certainly achieve its target. Let us also tell you that not only RBI is presenting a golden picture about the Indian economy, but international economic experts are also saying that the future belongs to India. Economic commentator Martin Wolf, who often writes articles on economic issues in the British newspaper ‘Financial Times’, has said that India will become a superpower by the year 2047. Martin Wolf said in the annual lecture of CUTS International that India can still take advantage of global opportunities and it can build useful and productive economic relations with all parties.

Let us tell you that at present India, the fifth largest economy in the world, is counted as a developing nation. A developed country is identified by a relatively high level of economic growth, a normal standard of living, high per capita income along with good performance in human education, literacy and health.

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