Unincorporated Non-Agricultural Sector Sees 13% Wage Growth And 1.1 Crore New Jobs In 2023-24

The unincorporated non-agricultural sector has seen a significant rise in wages and job opportunities in the fiscal year 2023-24. This sector, which includes small businesses, informal workers, and self-employed individuals, is proving to be a key contributor to the Indian economy.

13% Increase in Wages

In a notable development, workers in the unincorporated non-agricultural sector experienced a 13% wage growth in 2023-24. This increase highlights the sector’s resilience and the improving economic conditions across the country. The rise in wages is a positive indicator of the ongoing recovery after the pandemic and demonstrates the sector’s growing importance in providing income opportunities for millions.

1.1 Crore New Jobs Created

Along with the rise in wages, the sector also saw the creation of 1.1 crore (11 million) new jobs in the same period. This surge in employment is expected to alleviate some of the pressure on India’s labor market, providing much-needed opportunities in both urban and rural areas. The increase in jobs underscores the potential of the informal economy to contribute to overall employment growth in the country.

Sectoral Growth Drives Economic Progress

The growth in wages and job creation in the unincorporated non-agricultural sector is a critical driver of India’s broader economic progress. As the government continues to focus on inclusive growth and economic recovery, the informal sector remains a vital part of the nation’s economic landscape. This development is encouraging news for policymakers and workers alike.

The unincorporated non-agricultural sector’s performance in 2023-24 is a testament to its resilience and growing role in India’s economy. With 13% wage growth and 1.1 crore new jobs, this sector is helping to strengthen the country’s workforce and economic stability.

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