{"id":105608,"date":"2024-05-01T19:16:46","date_gmt":"2024-05-01T13:46:46","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=105608"},"modified":"2024-05-01T19:16:46","modified_gmt":"2024-05-01T13:46:46","slug":"rbi-klems-database-analysis-by-plfs","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/rbi-klems-database-analysis-by-plfs","title":{"rendered":"Growth in Jobs in FY23"},"content":{"rendered":"<h2><b><span style=\"font-size: 18pt;\">Context:<\/span> <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As per estimates being prepared by <\/span><b>the Reserve Bank of India (RBI),<\/b><span style=\"font-weight: 400;\"> the number of people in jobs grew nearly <\/span><b>5% to 580 million<\/b><span style=\"font-weight: 400;\"> in the financial year 2022-23.\u00a0<\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>More on News:\u00a0\u00a0<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">These growth numbers of jobs<\/span><b> will form part of the RBI&#8217;s KLEMS database<\/b><span style=\"font-weight: 400;\">, based on an analysis of the Periodic Labour Force Survey (PLFS) data for the same period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">According to the KLEMS database, (last year released), in the<\/span><b> initial findings,<\/b><span style=\"font-weight: 400;\"> the<\/span><b> number of employed people grew by about 30 million from 553 million in 2021-22<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The KLEMS database of this year is expected to be released by the RBI in a couple of months.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>About KLEMS &#038; PLFS Data:<\/b><\/span><\/h2>\n<ul>\n<li><b>Refers: KLEMS gives granular\/detailed data<\/b><span style=\"font-weight: 400;\"> on the inputs used in the production process and the output generated by an economy, while <\/span><b>PLFS data provides information on the size and composition of the labour force, employment trends<\/b><span style=\"font-weight: 400;\"> across different sectors and demographic groups, and <\/span><b>unemployment rates.<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">The<\/span><b> PLFS data encompasses all sectors, <\/b><span style=\"font-weight: 400;\">covering a <\/span><b>wide spectrum of employment types such as organized, unorganized, self-employed, and agricultural workers.<\/b><\/li>\n<li><b>The KLEMS Data <\/b><span style=\"font-weight: 400;\">provides insights into <\/span><b>five key inputs in production\u2014capital (K), labour (L), energy (E), materials (M) and services (S).<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>KLEMS data follows the release of the PLFS data,<\/b><span style=\"font-weight: 400;\"> which is usually published in October every year.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Significance: <\/b><span style=\"font-weight: 400;\">Both sets of data are important for <\/span><b>understanding different aspects <\/b><span style=\"font-weight: 400;\">of the economy and<\/span><b> formulating appropriate policies.<\/b><\/li>\n<\/ul>\n<table style=\"width: 100.3%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%; border-style: solid; border-color: #000000; background-color: #b8a5d987;\"><span style=\"color: #000000;\"><b>Periodic Labour Force Survey (PLFS):<\/b><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Launched by: <\/b><span style=\"font-weight: 400;\">National Sample Survey Office (NSSO)\u00a0 in 2017<\/span><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Objective: <\/b><span style=\"font-weight: 400;\">To estimate the key employment and unemployment indicators in:<\/span><\/span>\n<ul>\n<li><span style=\"font-weight: 400; color: #000000;\">Short time interval of three months for the urban areas only in the \u2018Current Weekly Status\u2019 (CWS). Both \u2018Usual Status\u2019 (ps+ss) and CWS in both rural and urban areas annually.<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>The key employment and unemployment indicators are defined in periodic labour force survey, as:\u00a0<\/b><\/span>\n<ul>\n<li aria-level=\"2\"><span style=\"color: #000000;\"><b>Labour Force Participation Rate (LFPR):<\/b><span style=\"font-weight: 400;\"> LFPR is defined as the percentage of persons in the labour force (i.e. working or seeking or available for work) in the population.<\/span><\/span><\/li>\n<li aria-level=\"2\"><span style=\"color: #000000;\"><b>Worker Population Ratio (WPR): <\/b><span style=\"font-weight: 400;\">WPR is defined as the percentage of employed persons in the population.<\/span><\/span><\/li>\n<li aria-level=\"2\"><span style=\"color: #000000;\"><b>Unemployment Rate (UR):<\/b><span style=\"font-weight: 400;\"> UR is defined as the percentage of persons unemployed among the persons in the labor force.<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"font-size: 18pt;\"><b>Crucial Insights on Estimates being prepared by the Reserve Bank of India (RBI):<\/b><\/span><\/h2>\n<ul>\n<li aria-level=\"1\"><b>Better Growth: <\/b><span style=\"font-weight: 400;\">India has seen a growth of<\/span><b> 110 million jobs over the last 5 years, <\/b><span style=\"font-weight: 400;\">starting from 470 million in 2017-18.<\/span><\/li>\n<li><b>Sectors of Growth:<\/b><span style=\"font-weight: 400;\"> As per KLEMS data for 2021-22, the highest 237 million jobs were created in <\/span><b>agriculture and allied sectors,<\/b><span style=\"font-weight: 400;\"> followed by 68 million jobs in <\/span><b>construction<\/b><span style=\"font-weight: 400;\"> and 63 million in <\/span><b>trade.\u00a0<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">The <\/span><b>lowest 324,000 jobs<\/b><span style=\"font-weight: 400;\"> were in industries involved in <\/span><b>manufacturing refined petroleum products.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The <\/span><b>plastics industry generated 1.32 million jobs.<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Reopening Post-Covid: <\/b><span style=\"font-weight: 400;\">The estimated increase of around 27 million between the two years is a <\/span><b>significant number. <\/b><span style=\"font-weight: 400;\">This increase is significant because both the organized and unorganized sectors were severely affected during the covid pandemic.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">This increase indicates that <\/span><b>many activities have returned to normal, <\/b><span style=\"font-weight: 400;\">especially in contact-intensive sectors, which began reviving in 2022-23.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">These are not new job opportunities, but rather the <\/span><b>reopening of job opportunities<\/b><span style=\"font-weight: 400;\"> that were closed during the pandemic. Therefore, it cannot be considered as momentum. Instead, it indicates that our <\/span><b>economy is recovering from the covid year.<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Considering that the previous year was the covid year, during which employment was seriously affected, leading to an increase in the unemployment rate to 9%, compared to our normal rate of 3%.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><b>Significant Decline: <\/b><span style=\"font-weight: 400;\">The figures reflecting returning jobs rather than new ones.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">According to the PLFS, the <\/span><b>unemployment rate among female workers saw a decline from 5.6% in 2017-18 to 2.9% in 2022-23.\u00a0<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">However, <\/span><b>among the youth,<\/b><span style=\"font-weight: 400;\"> including women, <\/span><b>the unemployment rate has come down from 17.8% in 2017-18 to 10% in 2022-23.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Context: As per estimates being prepared by the Reserve Bank of India (RBI), the number of people in jobs grew nearly 5% to 580 million in the financial year 2022-23.\u00a0 More on News:\u00a0\u00a0 These growth numbers of jobs will form part of the RBI&#8217;s KLEMS database, based on an analysis of the Periodic Labour Force&hellip; <a class=\"more-link\" href=\"https:\/\/pwonlyias.com\/stage\/current-affairs\/rbi-klems-database-analysis-by-plfs\">Continue reading <span class=\"screen-reader-text\">Growth in Jobs in FY23<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"tags":[],"paper-wise":[2089],"subject":[2100],"acf":[],"_links":{"self":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/105608"}],"collection":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs"}],"about":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/types\/current-affairs"}],"author":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/comments?post=105608"}],"version-history":[{"count":1,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/105608\/revisions"}],"predecessor-version":[{"id":105610,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/105608\/revisions\/105610"}],"wp:attachment":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media?parent=105608"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/tags?post=105608"},{"taxonomy":"paper-wise","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/paper-wise?post=105608"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/subject?post=105608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}