• UGI USER
  • Jul 09, 2024
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“GOVERNMENT CLAIMS 8 CRORE JOBS CREATED, CITES RBI REPORT DATA”

Why in the news?

  • Government cites RBI and PLFS data, claiming over 8 crore jobs created between 2017-18 and 2021-22.
  • Contradicts Citigroup India’s report, highlighting a decline in unemployment rate and effectiveness of government policies.

About Periodic Labour Force Survey (PLFS):

  • Conducted by: National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI).
  • Launch: Initiated in April 2017.

Objective:

  • Estimate key employment and unemployment indicators such as Worker Population Ratio, Labour Force Participation Rate, and Unemployment Rate.
  • Urban Areas (Quarterly): Measure indicators in the ‘Current Weekly Status’ (CWS) every three months.
  • Rural and Urban Areas (Annually): Measure indicators in both ‘Usual Status’ and CWS annually.
source:quora
About Reserve Bank of India (RBI):

  • Central Bank: India’s central bank and regulatory body
  • Establishment: Founded in 1934 under the Reserve Bank of India Act
  • Origins: Based on recommendations of the 1926 Royal Commission on Indian Currency and Finance (Hilton Young Commission).
  • Fully owned by the Ministry of Finance, Government of India, since nationalisation (1949).

Role:

  • Monetary Authority:Formulates, implements, and monitors monetary policy.
  • Regulator and Supervisor of the Financial System:Prescribes parameters for banking operations.Manager of Foreign Exchange:Manages Foreign Exchange Management Act, 1999.

Associated Article:

https://universalinstitutions.com/analyzing-income-inequality-in-india/