Busting the theory that jobs are not being created in the formal sector, a new study has found that 590,000 jobs were generated every month until November in the current financial year.

This means that seven million jobs will be created in the formal sector in 2017-18 if one expands the trend on a pro rata basis. The study, authored by SBI group Chief Economic Advisor Soumya Kanti Ghosh and Pulak Ghosh, a professor with the Indian Institute of Management, Bangalore, calculated the number of jobs in enterprises from the membership of Employees' Provident Fund Organisation (EPFO), ...