Press Release

Outcomes of Modinomics 2014-24 (A Report Card by SKOCH Group)- Business Today

Press Release
For Immediate Release

13 May 2024

  • 5.14 crore person-years of employment every year has been generated since 2014 on an average
  • PMMY itself has added 2.52 crore steady and sustainable employment as an average per year since 2014 (net of employment mortality)
  • Out of 5.14 crore person-years, the government has paid for 1.97 crore person-years of fractional employment as an average per year since 2014
  • Employment generation totals to 25.2 crore credit-led employment and 19.7 crore person-years of fractional employment every year since 2014
  • Per Rs 85,000 of credit under PMMY, one self-employment is generated.

New Delhi, 13th May 2024: At least 5.14 crore person-years of employment on average every year has been generated since 2014, says SKOCH Report on “Employment Generative Impact of ModiNomics: The Paradigm Shifts”. This is the fifth report in the series of “Outcomes of ModiNomics 2014-24: A Report Card by SKOCH Group” released in New Delhi today. “We have studied credit-led interventions and government-led interventions during the period 2014-24. While credit-led interventions added on average 3.16 crore employment per year, government-led interventions have added 1.98 crore employment,” said author of the report Mr Sameer Kochhar, Chairman, SKOCH Group.

SKOCH reports are based on project-level findings and have a high degree of acceptance. These are increasingly referred to for a ground reality-check. This report is important as it studied the employment generative impact of structural credit from formal sources and fractional employment and its treatment. It also breaks the myth of the inability of small amounts of credit to generate employment. It uses its ongoing field research and scheme- wise data to arrive at conclusions.

According to Mr Kochhar, “The report provides research-based evidence spread over several years on how credit-led employment and government schemes-led employment have both significantly added to employment since 2014.”

SKOCH has been a votary of credit-led employment generation since 2000. Most of the work by SKOCH has been in the domain of financial inclusion. “I have argued for credit-linked livelihood from time and again. I propounded the SKOCH Model of Inclusive Growth in 2009, that for the first time, focused on the need for micro-products including, credit, insurance and pensions,” added Mr Kochhar.

He has authored a series of books on the subject, notable being Financial Inclusion (2009) and Speeding Financial Inclusion (2009). Defeating Poverty: Jan Dhan and Beyond (2014) and India 2047: High Income with Equity (2024) are some of his works that have impinged on the increasing need for enhanced credit linked livelihood.

The current study also finds that micro-loans are being used to generate employment that is steady and stable. “We have documented 80 case studies from our field visits covering borrowers who have taken multiple loans and the average direct employment per loan amount stands at 6.6 jobs,” adds Mr Kochhar. These were the findings of a SKOCH study of Bandhan Bank’s ecosystem visiting hundreds of small loan beneficiaries across four states. This is a part of SKOCH’s ongoing study on employment generation titled A Hundred Voices, A Billion Dreams. The current study takes into account 12 central schemes, viz., MGNREGS, PMGSY, PMAY-G, PMAY-U, DAY-NULM, RSETI, ABRY, PMEGP, SBM-G, PLI’s, PM SVANidhi.

Over a period between 2014-24, a total of 51.40 crore employment has been generated. Out of which 19.79 crore employment has been generated by governance-led interventions. The rest, 31.61 crore, has been contributed by credit-led interventions. SKOCH Group has been studying and championing the cause of format credit linkage to generate self-employment. Its studies have shown that Credit Gap has fallen 12.1% during the past nine-years. It has also shown a positive correlation between a reduction in Credit Gap, reduction in multidimensional poverty and an increase in NSDP.

About Mr Sameer Kochhar
Reforms historian and author of best-seller ModiNomics, Mr Sameer Kochhar is Chairman, SKOCH Group. He passionately advocates social, digital and financial inclusion and is a foremost expert on governance and inclusive growth. His work has been acclaimed globally and endorsed by Mr Narendra Modi, Mr M Venkaiah Naidu, Dr Manmohan Singh, Mr Arun Jaitley, Mr P Chidambaram, Mr Yashwant Sinha, Dr C Rangarajan and Dr Montek Singh Ahluwalia. In his thinking, writings, and activities, his profound admiration for India’s economic reforms and, by extension, those outstanding personalities who strive to make these reforms more meaningful and broad-based come out clear and unambiguous. He has published over 18 volumes, the notable being India 2030 – A Socio Economic Paradigm; ModiNomics; Defeating Poverty: Jan Dhan and Beyond and Modi’s Odyssey: Digital India Developed India. He recently released India 2047: High Income with Equity. 

About SKOCH SKOCH Group is India’s leading think tank dealing with socio-economic issues, focusing on inclusive growth since 1997. The Group companies include a consulting wing, a media wing and a charitable foundation. SKOCH Group brings an Indian felt-needs context to strategies and engages with Fortune-500 companies, State Owned Enterprises, Government to SMEs and Community-Based Organisations with equal ease. The repertoire of services includes field interventions, consultancy, research reports, impact assessments, policy briefs, books, journals, workshops and conferences. SKOCH Group has instituted India’s highest independent civilian honours in the field of governance, finance, technology, economics and social sector.

For more information, Contact Dr Gursharan Dhanjal, 9811156688,

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