Employment Growth Data: Job creation in the corporate sector has slowed down. According to data released by the Bank of Baroda, the growth rate of employment in the corporate sector decreased by 4.2% in the financial year 2023-24. In 2022-23, companies saw a 5.7% increase in employment, but this rate dropped to only 1.5% in 2023-24.
Employment Figures for 2023-24
In the financial year 2023-24, only 90,840 new jobs were created in 1,196 companies. The total number of employees in these companies rose from 61,60,968 in 2022-23 to 62,51,808 in 2023-24, showing a growth rate of just 1.5%. This means less than 1 lakh new jobs were added in 2023-24.
Changes in Number of Employees
According to the data, out of 1,196 companies, 700 saw an increase in the number of employees, 121 saw no change, and 375 companies experienced a decrease in employee numbers.
Corporate Employment Growth Not Improving
The Bank of Baroda’s report highlights that despite a strong GDP growth rate of 8.2% in 2023-24, employment growth in the corporate sector did not improve. In 2021-22, GDP growth was 9.7% and 7% in 2022-23. Even though the GDP growth was impressive, sales growth rates decreased while profits increased. The report shows that the corporate sector’s contribution to job creation was cautious, reflecting a less favorable picture for employment growth in the corporate sector.
