New Delhi: The Ministry of Labor and Employment has strongly refuted a recent Citigroup report that raised concerns about India’s ability to create sufficient employment opportunities despite a 7% growth rate¹. Here’s a closer look at the key points:
The Citigroup Report
Citigroup’s report projected that India would struggle to generate jobs even with robust economic growth. It estimated that the country needed to create 1.2 crore (12 million) employment opportunities annually for new entrants to the labor market over the next decade. However, even if India maintained a 7% growth rate, the report suggested that only 80-90 lakh (8-9 million) jobs would be added each year.
Ministry’s Rebuttal
The Ministry of Labor and Employment countered these claims, emphasizing comprehensive and positive employment data from official sources. According to the Periodic Labor Force Survey (PLFS) and the Reserve Bank of India’s KLEMS data, India generated over 8 crore (80 million) employment opportunities between 2017-18 and 2021-22. This averages to more than 2 crore (20 million) jobs annually, despite the pandemic’s economic impact in 2020-21.
market, highlighting the effectiveness of government policies. While challenges remain, the nation’s ability to create employment opportunities remains resilient.
