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.