RBI KLEMS data shows spike in employment

The latest data points from RBI KLEMS (Capital - K; labour - L; energy - e: material - m: and services - s) shows a jump in employment. But as packaging industry experts say, the quality of jobs has deteriorated; and there are fewer trained candidates who are available for work in family-owned units.

11 Jul 2024 | By Abhay Avadhani

According to RBI's latest report, gross output of pupl, paper, paper products, printing and publishing industry was Rs 3,65,294 crores in 2022-23 at current prices, employing 21.83 lakh persons.

The FY24 tables in the RBI report states that 46.7-million jobs were created in FY24 versus 19-million in FY23 and 11.9-million in FY22. The report shows 20-million new employment opportunities generated each year since 2017/18. This counters a Citibank report which stated 8.8 million jobs per year were added since 2012.

Meanwhile the Government data shows just 20.9% of India's overall workforce earned regular wages in the form of salary, as of 2022/23. This is perhaps the reason, this kind of job creation doesn’t square with the consumption growth of 4% that the GDP data shows for FY24.

As per the RBI, the total number of employed is 620-million. The PLFS states it is 550-million and CMIE says it is 440-million.

Shekhar Amberkar of  Indian Institute of Packaging (IIP) said the Indian packaging market size is USD 71.90-bn, now, and to reach USD 130-bn by 2028.

Shekhar Amberkar of the Indian Institute of Packaging (IIP), says the Indian packaging market size is USD 71.90-bn, now. He highlighted 12.60% CAGR during the forecast period 2023-2028.

Latest Poll

What is the point of focus for the packaging industry, currently?

Results

What is the point of focus for the packaging industry, currently?

Margins

 

23.08%

Reverse auctions

 

28.21%

Safety norms

 

25.64%

Wastage

 

23.08%

Total Votes : 39

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