India has witnessed a significant surge in employment generation across agriculture, manufacturing, and services sectors during Prime Minister Narendra Modi’s tenure over the past decade, according to figures compiled by the Reserve Bank of India (RBI). This marks a stark contrast to the preceding decade under the Congress-led UPA government.
The data reveals that between 2014 and 2024, 179 million additional jobs were created under PM Modi’s leadership, compared to just 29 million jobs during the UPA regime from 2004 to 2014. Employment during the Modi government has jumped by 36 percent, compared to a mere 6 percent increase during the UPA era.
In the fiscal year 2023-24 alone, 46 million jobs were created, raising the total number of employed individuals in the country from 596.7 million in 2022-23 to 643.3 million by March 31, 2024.
The RBI’s KLEMS database, which covers key inputs of production—Capital (K), Labour (L), Energy (E), Materials (M), and Services (S)—for 27 industries aggregated into six sectors, shows substantial sector-wise growth under the Modi government. The agriculture sector posted a 19 percent growth, compared to a 16 percent decline during the UPA. The manufacturing sector grew by 15 percent from 2014 to 2024, compared to just 6 percent during the UPA’s 2004-2014 period. The services sector recorded an impressive 36 percent growth under Modi, compared to 25 percent under the UPA regime.
For the first time, the RBI has made a provisional estimate of productivity for the total economy in FY24 based on available information. This reflects the quality of labor in the economy, considering the education level of workers. The data shows an increase in employment across education levels and age groups, with the unemployment ratio dropping to 1.4 percent in FY24 from 2.2 percent in FY18.
The services sector, excluding construction, is now absorbing most of the workforce moving out of agriculture, a sharp contrast to the 2000-2011 period when the construction sector provided the bulk of jobs. High-skilled activities such as financial and business services, education, and healthcare are seeing an increase in the share of educated workers.
This robust job creation under Modi’s leadership underscores India’s evolving economic landscape and highlights the government’s efforts to drive growth and reduce unemployment.
