The rural economy emerging from the shadow of the Covid?
New Delhi, Mar 16 (UNI) Demand for work under Mahatma Gandhi’s flagship rural jobs scheme, the National Rural Employment Guarantee Scheme (MGNREGS) has plummeted in the current fiscal year until in February, indicating that job opportunities are increasing in the countryside. Government data shows that the work requested so far in the current year (April 2021-February 2022) under the scheme stands at 37 crore, 10% less than the work requested in the during the corresponding period of the previous year. “Employment opportunities also continue to grow in rural areas as demand for labor under MGNREGS declines in the current year compared to FY 2020-21. As of February 2022, 3, 1 million people applied for work under the MGNREGS, which is 20.2% lower than in February 2021,” according to the Monthly Economic Review published by the Department of Economic Affairs of the Ministry of Finance. and Omicron had limited impact.The second GDP advance estimate reaffirmed the full recovery of the Indian economy, with real GDP in fiscal year 2021-22 expected to exceed output in the last pre-pandemic year of 2019-20 The agricultural sector has been one of the bright spots throughout the pandemic, recording positive growth.Citing payroll data from the Employees Provident Fund Organization (EPFO), which covers workers do well-paid in medium and large establishments in the formal sector, the Ministry of Finance’s review report indicates that many first-time job seekers are joining the organized sector workforce in large numbers. “In addition to job growth, the sharp increase in these subscriptions (EPF) also reflects the ongoing process of formalizing jobs in the economy,” the government’s key document said. . He noted that the Naukri JobSpeak Index further indicates growth in hiring activity in India up 31% year-on-year in February 2022 as fear of Omicron escalated. abated and economic activities resumed. “The insurance sector saw one of the strongest year-on-year growth in hiring activity at 74%, followed by retail at 64%. Jobs in sectors such as software and technology services information (IT) and hospitality grew by 41%, while hiring activity in banking and financial services increased by 35%,” the monthly review said. This was followed by an increase in jobs in the pharmaceutical sector by 34% and in telecommunications by 23%. The automotive sector also showed signs of recovery in February 2022, with growth of over 12%. percent from February 2021, he added.