The Indian government has vehemently refuted a report by Citigroup, asserting that the banking giant overlooked “comprehensive and positive employment data” from official sources like the Periodic Labour Force Survey (PLFS) and the Reserve Bank of India’s KLEMS data.
Official Data Dispels Citigroup’s Bleak Forecast
In a statement released on Monday, the Labour Ministry contested reports that neglect to analyze all publicly available official data. Citigroup’s report had painted a gloomy picture of India’s job market, predicting insufficient employment opportunities even with a 7% growth rate.
Robust Job Creation Counters Citigroup’s Narrative
Citing PLFS and KLEMS data, the Ministry revealed that India has generated over eight crore employment opportunities between 2017-18 and 2021-22. This equates to an average of over two crore jobs annually, even amidst the global economic turbulence caused by the COVID-19 pandemic. This impressive job creation starkly contrasts with Citigroup’s assertion of India’s inability to generate adequate employment.
Declining Unemployment Rate Validates Government Policies
The Ministry further highlighted that PLFS data indicates a consistent decline in the unemployment rate over the past five years, as more jobs were created than the number of individuals entering the workforce. This serves as a testament to the effectiveness of government policies in fostering employment.
Ministry Advocates for Reliable Data Sources
The Ministry emphasized the reliability and comprehensiveness of official data, cautioning against relying solely on private data sources that might lead to distorted conclusions about India’s employment landscape.
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