The employment sector in India grew sharply during the first half of fiscal 2023-24, the Reserve Bank said on Tuesday. The employment growth rate which was 6%, displays the highest ever since data collection began in 1981-82, with an addition of another nearly about around 46.66 million new jobs Such an increase was good news for the economy when interest rates were reduced to just 9.5% and credit growth was nearing 25%, bringing total number of employed person in the country up to an impressive 643.35 million, otherwise hinting at strong economic background with real GDP growing by as much as 8.2%.
Notwithstanding positive developments, efforts continue to sustain job quality and provide employment opportunities for new labour market entrants in the formal sector.
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