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by: Reuters

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India's small businesses drive jobs growth, wage gains curbed by inflation

The number of jobs in small Indian businesses comprising manufacturing, trade and services rose to 120.6 million in 2023/24 from 109.6 million a year earlier, according to a government report released on Tuesday.
According to a Reuters article published on December 24, 2024, India's small businesses have significantly contributed to the country's employment landscape by adding 11 million jobs in the fiscal year 2023-24. This surge in job creation is attributed to a combination of factors including government initiatives aimed at supporting micro, small, and medium enterprises (MSMEs), an increase in domestic demand, and a recovery in economic activities post the global health crisis. The sectors that saw the most job growth include manufacturing, services, and retail. This development not only highlights the resilience and adaptability of small businesses in India but also underscores their critical role in driving economic growth and reducing unemployment.

Read the Full Reuters Article at:
https://www.reuters.com/world/india/indias-small-businesses-added-11-million-jobs-202324-2024-12-24/

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