Highlights:
• Manufacturing added 3 million jobs to the economy.
• While construction added nearly 4 million.
• According to CMIE data, employment in the agricultural sector fell by 5.2 million.
According to data provided by the Centre for Monitoring Indian Economy, 8.8 million people joined the workforce in April, one of the largest increases in the labour market since the outbreak began (CMIE).
However, the available jobs were insufficient in comparison to the demand, according to the report.
According to CMIE Managing Director and CEO Mahesh Vyas, India’s labour force increased by 8.8 million to 437.2 million in April, one of the largest monthly increases since the pandemic began. He added that the country’s labour market was at 428.4 million in March.
What the data says?
The average monthly increase in the country’s labour force was 0.2 million in 2021-22. According to the report, an 8.8 million increase in labour force participation could only be achieved if some working-age people who were unemployed in April joined the workforce.
This is due to the fact that the working-age population cannot increase by more than two million per month, and any increase above that implies that those who were unemployed returned to work, according to the report. It’s worth noting that the 8.8 million increase in April comes after a 12-million drop in the previous three months, according to the report.
According to Vyas, the labour market is dynamic, with workers moving in and out depending on demand. In April, employment increased in both industry and services. According to the data, industry added 5.5 million jobs and services added 6.7 million.
Manufacturing added 3 million jobs to the economy, while construction added nearly 4 million. According to CMIE data, employment in the agricultural sector fell by 5.2 million.
