India added 4.7 crore jobs in FY24: RBI data

India added nearly 4.7 crore jobs in the 2023-24 fiscal year, a Reserve Bank of India report showed, higher than several other estimates.

Employment growth rate was estimated at 6% in 2023-24, higher than the 3.2% recorded in 2022-23, according to the report, which measures industry productivity and employment.

This is the first time that RBI has tried to extrapolate a provisional estimate of productivity for fiscal year 2023-24, using available numbers.

The central bank has issued provisional numbers in its report, which aims to measure productivity across 27 industries that are aggregated to form six broad sectors, including agriculture, hunting, forestry and fishing, mining and quarrying, manufacturing, electricity, gas and water supply, construction and services.