India's Formal Job Sector Set to Add Record 14.5 Million Jobs by 2024-25, Driven by Government Initiatives

India's formal job sector is experiencing a significant boom, with forecasts suggesting a remarkable 14.5 million net additions in fiscal year 2024-25, surpassing pr

India's formal job sector is experiencing a significant boom, with forecasts suggesting a remarkable 14.5 million net additions in fiscal year 2024-25, surpassing previous records. Despite a slight decrease in new EPFO registrations, which could be attributed to a lack of incentives, the rise in formalization propelled by wage digitization is driving job expansion. Government schemes such as employment-linked incentives are anticipated to accelerate establishment registrations, contributing to this growth trend.