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breaking news  Indian Labor Market Records Largest Monthly Increase Since Covid-19;  Adds 8.8 million jobs in April: Cmie

In one of the biggest labor market expansions since the start of the pandemic, 8.8 million people joined the country’s labor force in April, according to data provided by the Center for Monitoring Indian Economy (CMIE). However, the jobs that became available were insufficient compared to the demand, he said.

India’s labor force grew by 8.8 million to 437.2 million in April, one of the highest monthly increases since the start of the pandemic, said Mahesh Vyas, managing director and CEO of CMIE. The country’s labor market stood at 428.4 million in March, he added.

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In 2021-22, the average monthly increase in the nation’s labor force was 0.2 million, according to the data. The report says an 8.8 million increase in labor force participation is only possible if some unemployed working-age people join the labor force in April.

Indeed, the working-age population cannot increase by more than two million per month and any increase beyond that implies that those who were unemployed return to the labor market, according to the report. It may be worth noting that the 8.8 million increase in April comes after a drop of 12 million in the previous three months, he said.

Vyas said the labor market is dynamic, with labor moving in and out, likely based on demand at any given time. The rise in employment in April was in industry and services. Manufacturing added 5.5 million jobs and services added another 6.7 million jobs, the data showed.

Within industry, 3 million jobs were created in the manufacturing sector, while construction added nearly 4 million opportunities. Employment in the agricultural sector fell by 5.2 million, according to CMIE data.

Part of the drop in agricultural sector opportunities could be a reflection of the end of the rabi harvest season, the report said, adding that lower wheat production also played a contributing role. The new jobs added in the industry are unlikely to be of higher quality as the rise was largely in daily betting and small traders, according to the report.

First post: STI


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