According to a report by the National Sample Survey Organisation under the statistics ministry, India's unemployment rate for those aged 15 years or over fell to 3.1% in 2023, the lowest figure in the prior three years. Annually, the Periodic Labour Force Survey (PLFS) reports a decline in the unemployment rate from 4.2% in 2021 and 3.6% in 2022 to 3.1% in 2023.
After the COVID-19 outbreak struck the nation in March 2020, the numbers show that things are looking up for the job market. Following the lifting of the lockdown by the Centre and states, the data also demonstrated an improvement in the buoyancy of economic activities.
The percentage of the labor force that is without a job is called the unemployment rate.
From 3.3% in 2022 and 3.4% in 2021, the female unemployment rate fell to 3% in 2023, according to the poll. From 3.7% in 2022 and 4.5% in 2021, it dropped to 3.2% in 2023 for men. Additionally, the urban unemployment rate fell to 5.2% in 2023 from 5.7% in 2022 and 6.5% in 2021. It dropped from 3.3% in 2021 and 2.8% in 2022 to 2.4% in rural regions in 2023.
Among urban residents aged 15 and above, the labor force participation rate (LFPR) in the Current Weekly Status (CWS) rose to 56.2% in 2023 from 52.8% in 2022 and 51.8% in 2021. The term "labour force" encompasses both the employed and the jobless, as it is the segment of the population that provides or proposes to provide labor in order to pursue economic activities that lead to the creation of goods and services.
A few days before, the government had said that the manufacturing, mining and quarrying, and construction sectors were the primary drivers of India's economic acceleration to 8.4% in the third quarter of 2023–24. The National Statistical Office (NSO) said that during the third quarter of this fiscal (October-December 2023), the Indian GDP grew by 8.4 percent.
For 2023–24, the National Statistical Office predicted a GDP increase of 7.6% in its second national accounts advance estimate. In its first set of preliminary forecasts, published in January 2024, it predicted growth of 7.3% for the current fiscal.
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