Modi Govt Outpaces UPA in Job Creation and Economic Growth: RBI Data

Prime Minister Narendra Modi's decade-long tenure has witnessed significant strides in job creation, agricultural growth, manufacturing, and services, according to the Reserve Bank of India's KLEMS database. Between 2014 and 2024, the Modi government created 17.9 crore additional jobs, a stark contrast to the 2.9 crore jobs generated during the UPA regime between 2004 and 2014. 

The data comes as the government gears up for the Union Budget 2025, with a focus expected to remain on employment generation and consumption-driven growth.

The KLEMS database, which evaluates key production inputs such as Capital, Labour, Energy, Materials, and Services, shows robust growth across sectors during PM Modi’s leadership. The agriculture sector saw a 19% increase under the current government, a significant improvement compared to the 16% decline during the UPA years.

Manufacturing grew by 15% between 2014 and 2024, compared to just 6% during the previous decade. Similarly, the services sector saw an impressive 36% growth, up from 25% during the UPA period.

Over the last fiscal year alone, 4.6 crore jobs were created, underscoring the momentum of employment generation under the Modi administration. Notably, youth employment saw a sharp increase, with the youth employment rate rising from 31.4% in 2017–2018 to 41.7% in 2023–2024, signaling greater job opportunities for younger generations.

The government has prioritized job creation and economic growth, recognizing that the performance of companies is closely tied to increased consumption. To sustain this growth, sources suggest that Prime Minister Modi has emphasized fiscal discipline, pushing for targeted incentives and tax cuts in key income categories to further encourage consumer spending.

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