New Delhi: The Economic Survey tabled in the Parliament on Friday stated that 2.62 crore new jobs have been created between financial years 2011-12 and 2017-18.
“In absolute terms, there was a significant jump of around 2.62 crore new jobs over this period (2011-12 to 2017-18) in the usual status category with 1.21 crore in rural areas and 1.39 crore in urban areas,” read the report.
The Survey further stated that as per the latest available data on employment, there has been an increase in the share of formal employment, as captured by ‘Regular wage/salaried’, from 17.9 per cent in 2011-12 to 22.8 per cent in 2017-18.
“This 5 percentage points increase in the share of ‘Regular wage/salaried’ group has been on account of 5 percentage points decrease in the share of casual workers, which reflects formalization in the economy,” added the report.
The Survey finds that the provisional Annual Survey of Industries for fiscal year ending March 2018, also shows an increase in jobs in the organized manufacturing sector.
“Between 2014-15 and 2017-18, total number of workers increased by 14.7 lakh and total persons engaged increased by 17.3 lakh, in the organised manufacturing sector in India,” said the latest Economic Survey.
This comes in stark contrast to the popular perception of India heading towards a jobless growth.
According to Centre for Monitoring Indian Economy, India's unemployment rate shot up to 7.4 per cent in December 2018. This is the highest unemployment rate in 15 months. The rate increased sharply from the 6.6 per cent clocked in November, said the report.
CMIE chief Mahesh Vyas in statement had earlier said, “The climb to 7.4 per cent also indicates that the small fall in the unemployment rate seen in November was possibly an aberration in a trend that indicates a steady increase in the unemployment rate. The 30-day moving average of the unemployment rate had climbed up much ahead by January 6, to 7.8 per cent. The count of unemployed has been increasing steadily.”