India's data credibility plunging to greater depths: Sitaram Yechury

NewsDrum Desk
New Update

New Delhi, Jul 9 (PTI) India's data credibility is plunging to greater depths, Communist Party of India (Marxist) general secretary Sitaram Yechury said on Tuesday, as the RBI released data saying India added nearly 4.7 crore jobs during 2023-24.  "RBI says jobs grew 6 per cent in 2024. India’s data credibility is plunging to greater depths. Modi propaganda and spin destroying the truth!" Yechury said in a post on X.

He also shared the data released by non-government economic think tank Centre for Monitoring Indian Economy (CMIE), which showed unemployment was at 9.2 per cent in June 2024.  According to the CMIE data shared by Yechury, unemployment was at 5.42 per cent in 2013, which increased to eight per cent in 2020, came down to 5.98 per cent in 2021, but again increased to 7.33 per cent in 2022, 8.00 per cent in 2023, before peaking in 2024.

"This CMIE data shows rising unemployment levels since 2014 peaking to its highest in 2024 - 9.2 per cent," he said.  India added nearly 4.7 crore jobs during 2023-24, taking the total number of employed people to 64.33 crore spread over 27 sectors covering the entire economy, according to the RBI data.

The number of employed people was 59.67 crore at the end of March 2023, said the RBI's update on 'Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database'.

The RBI also said the annual growth in employment during 2023-24 was 6 per cent compared to 3.2 per cent in the year-ago period. PTI AO AO MNK MNK