New Delhi: 

The Economic Survey 2024-25 tabled by Finance Minister Nirmala Sitharaman in the Parliament on Friday mentioned that the formal employment sector has seen significant growth, with net Employees’ Provident Fund Organisation (EPFO) subscriptions doubling from 61 lakh in FY19 to 131 lakh in FY24. “This indicates a growing trend towards formal employment, which enhances workers’ access to social security and stability. The government initiatives are playing a key role in enhancing the formalisation of the job market,” the Economic Survey stated.

As per Economic Survey 2024-25, between April 2024 and November 2024, net additions reached 95.6 lakh, driven largely by youth. Employees aged 18-25 years contributed to 47 per cent of the net payroll additions.

For India, a service-driven economy with a youthful and adaptable workforce, the adoption of AI offers the potential to support economic growth and improve labour market outcomes, it mentioned. The integration of Artificial Intelligence (AI) with India’s labour market presents an opportunity to enhance productivity, elevate workforce quality and create employment, provided systemic challenges are effectively addressed through robust institutional frameworks. The Survey further stated, “Prioritising education and skill development will be crucial to equipping workers with the competencies needed to thrive in an AI-augmented landscape. By capitalising on the global infancy of AI, India has the opportunity to prepare its labour force for a future defined by collaboration between human and machine intelligence.”

Role Of Regulation In Job Creation:

One key aspect of creating an suitable environment for businesses to grow is by improving the ease of doing business and increasing flexibility in the labour market. In this regard, the government has worked to simplify labour laws, it said.

Job Opportunities Through Digital Economy:

Hyperlocal service platforms have revolutionised the job landscape in the transportation, food delivery and home services industries, it added. As per Economic survey, the digital economy has significantly broadened job opportunities, encompassing roles from delivery personnel, cab drivers, and beauty professionals to software engineers and data analysts.

Job Creation In Renewable Energy Sector:

The Economic Survey 2023-24 discussed the impact of climate change and green transition on the job sector. The efforts to mitigate the impact of climate change by adopting green technologies and transitioning to greener energy alternatives are expected to witness a strong job-creation effect.

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