INDIAN ECONOMY: OCT-DEC 2024
The urban employment data has just come out for Oct-Dec 2024. I look at 3 indicators of employment:
1. Worker Population Ratio (WPR)
2. % of workers in industry and services
3. % of regular wage/salaried workers
I make two comparisons - I compare Oct-Dec 2024 with:
a) Oct-Dec 2023 (the same quarter of the previous year)
b) Oct-Dec 2019 (the last normal/pre-Covid Oct-Dec quarter)
The graph shows these comparisons . . .
1. Worker Population Ratio (WPR):
a) This has increased by 0.4% points over the previous year. This is good news.
b) And it has increased by 2.9% points since the pre-Covid period. This is also good news.
2. % of workers in industry and services:
a) This has increased by 0.4% points over the previous year. This is good news.
b) But it is still 0.4% points below the pre-Covid period. This is not good news.
3. % of regular wage/salaried workers:
a) This has increased by 0.7% points over the previous year. This is good news.
b) But it is still 0.6% points below the pre-Covid period. This is not good news.
Thus the Indian economy is recovering from the Covid crisis - but it has not yet recovered fully . . .
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