Solution:As per the question period, the rate of growth of employment in India was almost 2 percent per year.The latest Economic Survey of India highlights significant improvements in employment and skill development. The survey provides data that aligns with the findings of the report that employment is on the rise in India. Key trends of Economic Survey include:
1. Improved Labor Market: Indian labour market indicators have improved significantly with the unemployment rate declining to 3.2 per cent in 2022-23.
2. Sectoral Employment: Agriculture remains dominant, employing over 45% of the workforce, though there is a gradual shift toward manufacturing and services.
3. Youth Employment: According to PLFS, youth (age 15-29 years) unemployment rate has declined from 17.8 per cent in 2017-18 to 10 per cent in 2022-23.
4. Female Workforce Participation: The female labor participation rate has steadily increased due to supportive policies.
5. Manufacturing Recovery: Factories employing over 100 workers experienced 11.8% growth between FY18 and FY22, indicating that larger industrial units are creating more jobs than smaller ones.
6. Wage Growth: During FY15-FY22, the wages per worker in rural areas grew at 6.9 per cent CAGR visà-vis a corresponding 6.1 per cent CAGR in urban areas. This growth reflects the rising demand for labor in rural industries such as construction and manufacturing, as well as public employment programs like Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
7. EPFO Payroll Growth: The yearly net payroll additions to the EPFO have more than doubled from 61.1 lakh in FY19 to 131.5 lakh in FY24, driven by new job creation and greater formalization of employment.
8. Gig Economy: India's gig economy is expanding rapidly, with the workforce in this sector expected to grow to 2.35 crore by 2029-30.
9. Manufacturing and AI: The manufacturing sector remains shielded from automation, offering continued job growth opportunities.