The Great Shift In Employment In India

SELF-EMPLOYMENT in India has witnessed a substantial increase. According to CMIE’s Consumer Pyramids Household Survey, from 13% in FY17 the number of business persons climbed to nearly 20% by FY24. Of total employment at 423.6 million, 86.6 million were business persons in FY24. The composition, too, has changed significantly. In FY17, small traders and wage labourers dominated at 42.4%, but their share has now dropped below 30%. This shift indicates a dynamic change in India’s employment landscape, suggesting a move towards greater entrepreneurial activity and economic diversification.