India's Formal Job Sector Booms: Record 14.5 Million Jobs Expected by 2025
India's formal job sector is witnessing a significant boom, with projections suggesting a remarkable 14.5 million net additions in fiscal year 2024-25, surpassing pr
India's formal job sector is witnessing a significant boom, with projections suggesting a remarkable 14.5 million net additions in fiscal year 2024-25, surpassing previous records. Despite a decline in new EPFO registrations, which could be attributed to the absence of incentives, the surge in formalization propelled by wage digitization is driving job creation. Government schemes such as employment-linked incentives are anticipated to accelerate establishment registrations, contributing to the growth of the formal job market in India.