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01-01-1970 12:00 AM | Source: Accord Fintech
India’s labour market adds 8.8 million jobs in April in largest monthly increase since COVID:CMIE
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Centre for Monitoring Indian Economy (CMIE) in its latest report has said that in one of the largest expansions in the labour market since the beginning of the pandemic, 8.8 million people joined the country's workforce in April. However, it said the jobs that became available were inadequate compared to the demand. India's labour force increased by 8.8 million to 437.2 million in April. The country's labour market was at 428.4 million in March.

It mentioned that in 2021-22, the average monthly increase in the country's labour force was 0.2 million. The report said that an 8.8 million increase in labour force participation was only possible if some working-age people who were out of jobs joined the working population in April. This is because the working-age population cannot grow by more than two million per month and any rise beyond that implies that those who were out of jobs returned to the workforce. It may be useful to note that the 8.8 million increase in April comes after a 12 million fall during the preceding three months.

It stated the labour market is dynamic with the workforce moving in and out, presumably depending upon the demand at a given point of time. The increase in employment in April was in the industry and in services. The industry added 5.5 million jobs and services added another 6.7 million jobs. Moreover, it said within the industry, 3 million jobs were generated in manufacturing, while construction added nearly 4 million opportunities. Employment in the agricultural sector fell by 5.2 million.