Inflation Hits Wage Hike: Small companies are providing maximum employment opportunities in the country. In the current year 2024, till the month of September, small businesses related to manufacturing, trade and services have provided 11 million i.e. 1.10 crore jobs, due to which the number of people working in these small companies was 109.6 million (10.96 crore) in the last year 2022-23. ) has increased to 120.6 million (12.06 crore).
Effect of inflation on salary increase
According to the Reuters report, the effect of high inflation has been seen on the salary increase of these employees. Despite the Indian economy showing growth at the rate of 7 percent, overcoming unemployment has been the biggest challenge for the government led by Prime Minister Narendra Modi. This week, on December 24, 2024, the government has released a report. According to this report, the number of small manufacturing businesses, which includes companies making garments, companies making auto components and food processing companies, will increase from 17.83 million (1.783 crore) in 2022-23 to 20.15 million (2.015 crore) in 2023-24. Has reached. Whereas the number of small business people related to manufacturing, trade and services has increased from 65 million (6.5 crore) to 73.4 million (7.34 crore).
Small businesses provide maximum employment
Statistics Ministry Secretary Saurabh Garg said, the unincorporated non-agricultural sector which includes small manufacturing businesses, trade and other services plays a big role in boosting the economy and providing employment opportunities. He said that from October 2023 to September 2024, the number of small businesses has increased by 12.84 percent while employment opportunities have increased by 10 percent.
Small businesses exist in rural or slum areas.
According to the report, salary increase of people has been affected due to inflation. For those who were given jobs on the basis of nominal terms, their salary has increased by 13% to Rs 141,071 ($1656) in 2023-24, which is a slight increase compared to the annual average inflation rate of about 5.5%. These types of small businesses are mostly found in slum areas in cities or in rural areas. And the average income of people working in such small businesses is much less than the national average per capita income of the country which is about $2,800.
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