India's GDP growth is inclusive: FM

India's economic growth has been inclusive, has generated employment and has kept inflation under check, Union finance minister Nirmala Sitharaman said on Wednesday, as the Lok Sabha passed the Finance Bill, 2024, thus completing the exercise for the passage of the interim budget 2024-25.

- Rajeev Jayaswal

She added that the Centre is scrupulously devolving funds to all states, including Karnataka, which is even more than what has been recommended by the Finance Commission.

Participating in a debate on Union government's interim budget for FY25 and the interim budget for Jammu and Kashmir (J&K) in the Lok Sabha, she said that the government's policies have helped in creation of jobs. Replying to remarks made by Congress leader Shashi Tharoor where he raised the employment issues, the finance minister said: "The labour force in the country has increased from 49.8% in 2017-18 to 57.9% in 2022-23." Unemployment rate has also decreased from 6% in 2017-18 to 3.2% in 2022-23, she said. Since May 2020-23, the number of net new subscribers to Employees' Provident Fund Organisation in the age group of 18-25 years has consistently exceeded 55% of the total net new subscribers, she said.

"So, distinctly the numbers show that people are getting enrolled in jobs," she added.

The participation of women in the labour force has also risen to 37% in 2022-23, signifying substantial increase in women coming to the workforce, she said.