The Reserve Bank's FI, or <keyword id="20377974" type="General" weightage="100" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> index, which captures the extent of financial inclusion across the country, rose to 64.2 in March 2024, marking growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said in a statement today. During FY23, the FI Index stood at 60.1. Improvement in <keyword id="18794777" type="General" weightage="20" keywordseo="FI-Index" source="Orion">FI-Index</keyword> is mainly contributed by usage dimension, which further reflects deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -access, which has a 35% weightage, usage, which has a 45% weight and quality, which has a 20% weight. Each of these parameters further consist of various dimensions, which are computed based on a total of 97 indicators. Breaking these parameters ahead, access is made up of 26 indicators, which capture the number of banking outlets NBFCs, and post offices, total number of <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword> accounts (including small savings), <keyword id="22348444" type="General" weightage="20" keywordseo="electronic-payment-infrastructure" source="Orion">electronic payment infrastructure</keyword> and more. Usage comprises 52 indicators, which aims to capture the demand side, and is essentially a barometer for understanding how actively financial infrastructure is being utilized in our country by way of savings, <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword>, availing of credit and remittance facilities, etc. And lastly, quality, which consists of 19 indicators, takes into account the efficacy of existing grievance redressal mechanisms and awareness efforts undertaken by stakeholders and more. In August 2021, the central bank said FI-Index has been conceptualized as a comprehensive index, incorporating details of banking, investments, insurance, postal, as well as the pension sector, in consultation with government and respective sectoral regulators. The index is responsive to ease of access, availability and usage of services, and quality of services. According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection and inequalities and deficiencies in services. <h2> India added 4.7 crore jobs in 2023-24, says RBI</h2>In another significant data release during the day, the apex bank of the country noted that India added nearly 4.7 crore jobs during 2023-24, taking the total number of employed people to 64.33 crore, which are spread over 27 sectors covering the entire economy. The number of employed people was 59.67 crore at the end of March 2023, as per 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 bank said the annual growth in employment during 2023-24 was 6% compared to 3.2% in the year-ago period. In the last five years, <keyword id="22348445" type="General" weightage="20" keywordseo="The-India-KLEMS" source="Orion">the India KLEMS</keyword> database revealed that total employment increased from 53.44 crore in 2019-20 to 64.33 crore during the previous fiscal. The data for financial 2022-23 is a provisional estimate of productivity for the total economy. The 'agriculture, hunting, forestry and fishing' employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Construction, trade, and transport and storage were among the leading employment provider segments in 2022-23. Notably, for the purpose of this database, 27 industries are clubbed together to form 6 major sectors, namely <ul><li>Agriculture, Hunting, Forestry and Fishing</li><li>Mining and Quarrying</li><li>Manufacturing</li><li>Electricity, Gas and Water supply</li><li>Construction</li><li>Services</li></ul>

Rise seen in financial inclusion index, jobs in the country, notes RBI

The <keyword id="19898684" type="General" weightage="100" keywordseo="employment" source="keywords">employment</keyword> in the country increased by more than 35 per cent over the last six <keyword id="22544502" type="General" weightage="20" keywordseo="fiscal-years" source="keywords">fiscal years</keyword> to <keyword id="22544729" type="General" weightage="20" keywordseo="64-33-crore" source="keywords">64.33 crore</keyword> as of March 2024, Parliament was informed on Thursday. The total increase in employment from 2017-18 to 2023-24 is around 16.83 crore, <keyword id="20017411" type="General" weightage="20" keywordseo="Minister-of-State" source="keywords">Minister of State</keyword> (MoS) for <keyword id="20558996" type="General" weightage="20" keywordseo="Labour-and-Employment" source="keywords">Labour and Employment</keyword> Shobha Karandlaje said in a reply to Rajya Sabha. As per the Reserve Bank of India's (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) latest <keyword id="21713937" type="General" weightage="20" keywordseo="KLEMS-data" source="keywords">KLEMS data</keyword>, employment in the country increased to 64.33 crore in the year 2023-24 compared to 47.5 crore in 2017-18, she added. The KLEMS (K: Capital, L: Labour, E: Energy, M: Materials and S: Services) database, published by the RBI, provides employment trends at all India levels. The <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword> (formal and informal entities) saw an increase of 85 lakh employment opportunities from 2017-18 to 2022-23, the minister added. On the issue of <keyword id="20406193" type="General" weightage="20" keywordseo="child-labour" source="keywords">child labour</keyword>, Karandlaje, in a separate reply said, it is an outcome of various <keyword id="22544730" type="General" weightage="20" keywordseo="social-economic-problems" source="keywords">social economic problems</keyword> such as poverty, economic backwardness, lack of access to basic services, illiteracy, etc. The government is pursuing a multipronged strategy to eliminate child labour and has taken comprehensive measures which include legislative actions, rehabilitation strategy, providing the right to free education and promoting general socio-economic development. The Ministry of Labour &amp; Employment has framed a model State Action Plan enumerating the action points to be taken by respective state governments for the eradication of child labour, she added.

Employment rose by 35% to 64.33 crore over last six fiscal years: MoS Karandlaje

The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> among the tribal communities has seen a noticeable decline, as it stood at 1.8 per cent in <keyword id="20511441" type="General" weightage="20" keywordseo="2022-23" source="keywords">2022-23</keyword>, said Union Minister of State for Labour and Employment, Shobha Karandlaje, in Lok Sabha. As per the Periodic Labour Force Survey or PLFS Reports, the estimated Unemployment Rate (UR) on usual status for tribal communities was 3.4 per cent in 2019-20, 2.7 per cent in 2020-21, and 2.4 per cent in 2021-22. The unemployment rate in <keyword id="20057525" type="General" weightage="20" keywordseo="rural-areas" source="keywords">rural areas</keyword> has declined from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23. In urban areas, it has reduced from 7.7 per cent to 5.4 per cent during the same period. The data also suggest a significant decline in the unemployment rate among females, from 5.6 per cent in 2017-18 to 2.9 per cent in 2022-23. Among youth, the unemployment rate has declined from 17.8 per cent to 10 per cent for the same period. PLFS data of the last six years indicates an improving trend in labour participation rate and worker population ratio. PLFS data of the last six years suggests that employment has increased in the country from 46.8 per cent in 2017-18 to 56 per cent in 2022-23. Similarly, labour force participation has also gone up from 49.8 per cent in 2017-18 to 57.9 per cent in 2022-23. The unemployment rate has declined from 6 per cent in 2017-18 to 3.2 per cent in 2022-23. In 2022-23, there is a 3.1 per cent growth in WPR as against an LFPR of 2.7 per cent -- more jobs than demand. The Union Minister also said in a written reply in the Lok Sabha that the unemployment rate for youth in the country has been declining, as the unemployment rate (UR) stood at 3.2 per cent for 2022-23 compared to 4.1 per cent compared to 2021-22. As per the Reserve Bank of India's (RBI) latest KLEMS data, employment in the country increased to 64.33 crore in 2023-24, compared to 47.15 crore in 2014-15. The total increase in employment from 2014-15 to 2023-24 stood at about 17.19 crore. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-electric-ipo-mapmyindia-accuses-company-of-stealing-map-data-days-before-ipo-opens/articleshow/112109869.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-electric-ipo-mapmyindia-accuses-company-of-stealing-map-data-days-before-ipo-opens/articleshow/112109869.cms" target="_blank">Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens</a><a href="https://www.businessinsider.in/tech/news/redmi-pad-pro-5g-with-snapdragon-7s-gen-2-launched-in-india-starting-at-21999/articleshow/112105133.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/redmi-pad-pro-5g-with-snapdragon-7s-gen-2-launched-in-india-starting-at-21999/articleshow/112105133.cms" target="_blank">Redmi Pad Pro 5G with Snapdragon 7s Gen 2 launched in India starting at ₹21,999</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-price-cut-apple-announces-price-cut-after-reduction-in-customs-duty/articleshow/112100195.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-price-cut-apple-announces-price-cut-after-reduction-in-customs-duty/articleshow/112100195.cms" target="_blank">iPhone price cut – Apple announces price cut after reduction in customs duty</a>

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Rise seen in financial inclusion index, jobs in the country, notes RBI

Ira Alok Puranik

Employment rose by 35% to 64.33 crore over last six fiscal years: MoS Karandlaje

PTI

Unemployment rate of tribals declines to 1.8% in 2022-23 from 5.3% in 2017-18

ANI