Almost 18 crore additional jobs created during PM Modi's tenure: RBI

Under Prime Minister Narendra Modi's tenure between 2014 and 2024, 17.9 crore additional jobs were created, against only 2.9 crore jobs created during the UPA's 2004-14, according to the Reserve Bank of India’s KLEMS Database.

There have been substantial improvements in job creation, agriculture, manufacturing, and the services sector during Prime Minister Narendra Modi’s government as compared with the UPA regime, according to the data.

The RBI data comes even as the work for the Union Budget 2025 is in full swing; and, according to sources, the PM Modi government is expected to keep its focus on employment generation and consumption push.

The KLEMS data provides insights into five key inputs in production – Capital (K), Labour (L), Energy (E), Materials (M), and Services (S). The database is created for 27 industries aggregated to form six sectors.

According to the latest RBI data, during the last year itself, 4.6 crore jobs were created. Employment during the PM Modi government has jumped by 36 % between 2014 and 2024, compared with just 6 % during 2004 and 2014 of the UPA regime.

The RBI’s data on sector-wise growth also show a substantial improvement under the PM Modi government.

For instance, the agriculture sector posted a growth of 19 % during the PM Modi government, compared with a decline of 16 % during the UPA. The manufacturing sector grew 15 % during 2014-2024 as against just 6 % during the UPA’s 2004-2014. Under the PM Modi-led government, the services sector also recorded an impressive 36 % growth, compared with 25 % under the UPA regime.

The figures on the employment front also give a cheer to the current government. It grew by 36 % between 2014 to 2023, against 25 % in the UPA regime. The employment rate of youth has also increased from 31.4 % in 2017-2018 to 41.7 % in 2023-2024.

The biggest challenge for the government has been to ensure that people get jobs and that generation of jobs takes place. This is possible if the companies perform well, which happens when consumption increases.

Sources were quoted as saying that the PM has insisted on fiscal discipline and for this incentives have to be given as well as tax cuts needed in key income categories so that people are encouraged to consume more.