New Report Reveals ModiNomics’ Impact: Over 51 Million Jobs Created in 10 Years

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In a comprehensive analysis of India’s employment landscape, a recent report by the SKOCH Group titled “Employment Generative Impact of ModiNomics: The Paradigm Shifts” sheds light on the significant strides made in job creation between 2014 and 2024.

The report unveils staggering figures, indicating the generation of 51.4 million person-years of employment annually during this period, amounting to a total of 514 million jobs over a decade.

Credit-Led Interventions and Government Schemes: Key Contributors to Job Growth

The study underscores the pivotal role played by both credit-led interventions and government initiatives in bolstering employment opportunities across the nation.

Credit-linked interventions, notably spearheaded by the Pradhan Mantri Mudra Yojana, have contributed an average of 31.6 million jobs annually. Similarly, government schemes such as the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and the Pradhan Mantri Gram Sadak Yojana (PMGSY) have added 19.8 million jobs per year on average.

Sameer Kochhar, Chairman of the SKOCH Group and author of the report, emphasizes the significance of these findings, stating, “The report provides research-based evidence on how both credit-led employment and government schemes have significantly contributed to job creation since 2014.

Delving deeper into the report’s findings, a nuanced analysis distinguishes between credit-led interventions and government initiatives. This meticulous examination is underpinned by ongoing field research and scheme-wise data analysis, providing a comprehensive understanding of employment dynamics.

A Holistic Approach: Beyond MGNREGS and PMGSY

Inclusive growth lies at the heart of India’s development agenda, as reflected in the study’s broad scope encompassing diverse government schemes.

Beyond stalwarts like MGNREGS and PMGSY, initiatives such as the Pradhan Mantri Awas Yojana, Swachh Bharat Mission, and Production Linked Incentive Schemes have collectively contributed to the creation of 51.40 crore employment opportunities between 2014 and 2024.

Of these, 19.79 crore stem from government interventions, while credit-led initiatives account for a formidable 31.61 crore.

Challenging Perceptions and Empowering Policy Discourse

The report’s insights dispel misconceptions surrounding job creation strategies, highlighting the evolving landscape of credit linkage.

Contrary to conventional wisdom, the report challenges the notion that small loans are insufficient to stimulate employment growth.

Field research conducted by the SKOCH Group reveals that micro-loans, with an average value of Rs 85,000, have been instrumental in creating an average of 6.6 direct jobs per loan.

 The study reveals that the average loan size of Rs 85,000 is a significant improvement from Rs 90,000 recorded in 2017.

This data-driven approach underscores the transformative impact of targeted policy interventions.

Furthermore, the report highlights the multifaceted impact of government interventions, noting that while they create a substantial number of jobs, they also generate fractional and informal employment. This nuanced understanding underscores the need for comprehensive approaches to address employment challenges

As India’s premier think tank dedicated to socio-economic issues, the SKOCH Group continues to drive discourse on inclusive growth, leveraging its expertise across consulting, media, and philanthropy since 1997.