India has created 4.67 crore jobs in FY 2023-24, raising the total number of jobs to 64.33 crore, as per the first provisional productivity figures released by the Reserve Bank of India (RBI). The employment growth rate for the fastest-growing major economy stood at 6% in FY24, up from 3.2% in the previous fiscal year, according to the RBI’s industry-level productivity report.

This report is the central bank’s initial attempt to estimate productivity provisionally for FY24 based on current data. However, the report is a routine release that has so far been used to share historical data.

However, the Centre for Monitoring Indian Economy (CMIE) reported that the unemployment rate rose to 9.2% in June 2024, the highest in eight months, up from 7% in May. CMIE had previously estimated India’s unemployment rate at 8% for FY24, compared to 7.7% in the prior fiscal year.

India’s GDP grew by 8.2% in FY24, surpassing expectations, and the RBI projects a 7.2% GDP growth for FY25.

According to a Reuters report, Citibank said last week that a 7% GDP growth would only create 80 lakh to 90 lakh jobs in India. “Even 7% GDP growth might not be able to fulfill the job requirement over the next decade,” Citi’s chief India economist, Samiran Chakraborty, said in a note.

The RBI’s provisional data contrasts with Citibank’s assessment. The RBI used data from the National Accounts and the Ministry of Labour to estimate productivity and employment levels across 27 industries, covering the entire Indian economy, and provided broad sectoral estimates for agriculture, manufacturing, and services.