Employment Growth Data: The pace of employment generation in the country’s corporate sector has slowed down. Public sector bank Bank of Baroda has released data on the growth of employment in the corporate sector, according to which the growth rate of employment generation in the corporate world has decreased by 4.2 percent in the financial year 2023-24. In 2022-23, the number of employment in companies increased with a growth rate of 5.7 percent, which has increased by only 1.5 percent in 2023-24.
Only 90,840 people got employment in 2023-24
According to the data prepared by Bank of Baroda regarding job creation in the corporate world, 1196 companies had a total of 58,27,272 employees in the financial year 2021-22, which increased to 61,60,968 in 2022-23 with a growth rate of 5.7 percent. That is, during this period, a total of 3,33,696 new people got employment in the corporate sector. In the financial year 2023-24, these 1196 companies employed only 90,840 new people with a growth rate of 1.5 percent and the total number of employees increased to 62,51,808. That is, in 2023-24, these 1196 companies employed less than 1 lakh people.
The number of employees decreased in 375 companies
According to this data, out of 1196 companies, 700 companies saw an increase in the number of employees, while 121 companies saw no change in the number of employees. There are 375 companies in which a decline in the number of employees was observed.
The picture of employment growth in corporate sector has not been better
Bank of Baroda said in its report, the financial year 2023-24 has been great for the Indian economy and the GDP growth rate has been 8.2 percent. GDP growth was also 9.7 percent in the financial year 2021-22 and 7 percent in 2022-23. Despite the excellent GDP growth rate, these were the periods when the growth rate of sales has seen a decline while profits have increased. The sales figure of 1196 companies whose employment data has been collected was Rs 99.36 lakh crore in 2023-24. The bank said in its report, the picture of employment growth in the corporate world has not been very good. According to the report, the contribution of the corporate sector in employment generation in 2023-24 has been cautious.
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