PM Narendra Modi’s government has made significant strides in job creation compared to the previous UPA regime, as per the reports by the Reserve Bank of India (RBI).
Between 2014 and 2024, India saw the creation of 17.9 crore additional jobs, a sharp contrast to the 2.9 crore additional jobs created during the UPA’s tenure from 2004 to 2014.
The data comes at a time when work is underway for the Union Budget 2025. Sources indicate that the Modi government is expected to prioritize employment generation and stimulate consumption as part of its economic agenda.
PM Modi’s Government Oversees Sectoral Growth
The KLEMS database provides insights into five key production inputs: Capital (K), Labour (L), Energy (E), Materials (M), and Services (S). These inputs are aggregated across 27 industries, forming six sectors.
According to the latest RBI data, the PM Modi government has overseen significant growth across various sectors. Notably, the agriculture sector grew by 19 per cent between 2014 and 2024, in stark contrast to a 16 per cent decline during the UPA era.
The manufacturing sector expanded by 15 per cent under Modi’s leadership, compared to just 6 per cent growth under the UPA. Similarly, the services sector saw a remarkable 36 per cent growth during the Modi government, outperforming the 25 per cent growth seen under the UPA.
Employment Growth During PM Narendra Modi’s Tenure
On the employment front, the figures are equally promising. Employment grew by 36 per cent between 2014 and 2023, compared to a more modest 25 per cent increase during the UPA period. Additionally, the employment rate among youth has seen a significant increase, rising from 31.4 per cent in 2017-2018 to 41.7 per cent in 2023-2024.
Challenges And Focus On Consumption
Despite these achievements, the government faces the ongoing challenge of ensuring sustained job creation. The key to job generation, experts suggest, lies in strong company performance, which is driven by increased consumption.
Sources indicate that Prime Minister Modi has emphasized fiscal discipline, noting that incentives and targeted tax cuts in key income categories will encourage people to consume more, thus fueling economic growth and job creation.
The latest RBI data underscores the economic progress under PM Modi’s leadership, particularly in job creation and sectoral growth.
As the government focuses on the Union Budget 2025, ensuring a continued emphasis on employment generation and consumption push will remain central to its strategy for sustaining economic growth.
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