Ecowrap: India Created 1 Crore Payrolls In FY21, Nearly Unchanged From FY20: SBI Research

Employees work in an office area  in Hyderabad, India. (Photographer: Dhiraj Singh/Bloomberg).

Ecowrap: India Created 1 Crore Payrolls In FY21, Nearly Unchanged From FY20: SBI Research


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

SBI Research Report

The pandemic has created a definite scar in labour markets.

There have been persistent reports based purely on employment surveys of permanent job losses, a significant spike in unemployment, particularly among youth and a compression of India’s labour force from 495 million in 2019 to 472 million in 2020, as per latest World Bank data.

Some of the concerns, specifically the squeeze in employee expenses are genuine concerns.

Employee expenses data for 284 listed companies for FY21 reveal the largest decline was in the smallest firms indicating that employees of smaller firms were impacted most due to Covid-19 pandemic.

However, it is important to understand the dynamics of India’s labour market, also through the use of Employee Provident Fund Organisation payroll data rather than joining in the cacophony of labour market disruptions during pandemic as it typically deflects us from actual problem confronting India today of creating more quality jobs.

Click on the attachment to read the full report:

SBI Research Payroll data dissemination though needs to improve.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.