In one of the largest expansions in: Kolkata labour market Since the start of the pandemic, 8.8 million people joined the country’s workforce in April, according to data provided by the Center for Monitoring Indian Economy (CMIE).
However, the jobs that became available were insufficient compared to the demand.
India’s labor force It rose to 437.2 million from 8.8 million in April, one of the biggest monthly increases since the start of the pandemic, said Mahesh Vyas, managing director and CEO of CMIE.
He said the country’s labor market stood at 428.4 million in March.
According to the data, the average monthly increase in the country’s labor force was 0.2 million in 2021-22.
The report said an increase in labor force participation to 8.8 million was possible only when some working-age people who were out of jobs joined working population in April.
This is because the working-age population cannot grow by more than two million per month and any further increase means that those who were out of jobs return to the workforce, the report said.
It may be useful to note that the increase of 8.8 million in April comes after a decline of 12 million during the previous three months, it said.
Vyas said the labor market is dynamic with the workforce moving in and out, possibly depending on demand at a given point in time.
increase in employment Was in Industry and Services in April. According to the data, the industry added 5.5 million jobs and services and added 6.7 million jobs.
Within industry, the manufacturing sector created 3 million jobs, while construction added about 4 million opportunities.
employment in agricultural sector CMIE data shows a decline of 5.2 million.
The report said that part of the decline in farm opportunities could be a reflection of the end of the rabi harvesting season. decline in wheat production also acted as a contributing factor.
The new industry jobs added are unlikely to be of better quality as the growth was mainly from daily wager and small traders, the report said.
However, the jobs that became available were insufficient compared to the demand.
India’s labor force It rose to 437.2 million from 8.8 million in April, one of the biggest monthly increases since the start of the pandemic, said Mahesh Vyas, managing director and CEO of CMIE.
He said the country’s labor market stood at 428.4 million in March.
According to the data, the average monthly increase in the country’s labor force was 0.2 million in 2021-22.
The report said an increase in labor force participation to 8.8 million was possible only when some working-age people who were out of jobs joined working population in April.
This is because the working-age population cannot grow by more than two million per month and any further increase means that those who were out of jobs return to the workforce, the report said.
It may be useful to note that the increase of 8.8 million in April comes after a decline of 12 million during the previous three months, it said.
Vyas said the labor market is dynamic with the workforce moving in and out, possibly depending on demand at a given point in time.
increase in employment Was in Industry and Services in April. According to the data, the industry added 5.5 million jobs and services and added 6.7 million jobs.
Within industry, the manufacturing sector created 3 million jobs, while construction added about 4 million opportunities.
employment in agricultural sector CMIE data shows a decline of 5.2 million.
The report said that part of the decline in farm opportunities could be a reflection of the end of the rabi harvesting season. decline in wheat production also acted as a contributing factor.
The new industry jobs added are unlikely to be of better quality as the growth was mainly from daily wager and small traders, the report said.