A new data on Payroll was released on Wednesday that indicated how many new jobs are being created in the non-farm sector. According to the payroll, India has added 472,075 employees to the state-run social security fund in February after adding 604,557 employees in January.
The Employees Provident Fund has released provisional figures for 6 months that show that 3.11 million workers have joined the Fund from a period extending from September 2017 to February 2018, partly due to federal support and a pick up in the economy.
Soumya Kanti Ghosh, Chief Economist at State Bank of India said,
The data shows there was a good increase in jobs every month in the last six months which will now help fill the missing link for policy-making.
The new data is a solid evidence that can be used by the government against opposition allegations regarding promises made before the 2014 election for stronger jobs growth was not met.
Further, In an initiative to enhance workforce into the organized sector, Modi government had announced that state would partially cover employers contributions to the EPF for three years.
India’s government had significantly suffered after government’s decision to take high denomination notes out of circulation in late 2016. Moreover, Implementation of GST had added to the scenario and knocked growth causing some major companies to do layoffs.
Since then an upturn in domestic and global demand has helped the economy regain its lost momentum, which is expected to grow 7 percent in the fiscal year to March next year.