The unemployment rate in India for those who are 15 years of age or older dropped to 3.1% in 2023, the lowest record in the previous three years, according to a study released by the statistics ministry's National Sample Survey Organization. As to the Periodic Labour Force Survey (PLFS) for the calendar year 2023, the unemployment rate decreased to 3.1% in 2023 from 3.6% in 2022 and 4.2% in 2021.
The data indicates that following the country's March 2020 Covid epidemic, the job situation is improving. The statistics also demonstrated the improvement in economic activity buoyancy following the states' and the federal government's removal of the lockdown.
According to the poll, the unemployment rate for women decreased as well, going from 3.3% in 2022 and 3.4% in 2021 to 3% in 2023. In terms of men, it decreased to 3.2% in 2023 from 3.7% in 2022 and 4.5% in 2021. In metropolitan regions, the general unemployment rate decreased as well, falling to 5.2% in 2023 from 5.7% in 2022 and 6.5% in 2021. The percentage in rural regions decreased to 2.4% in 2023 from 2.8% in 2022 and 3.3% in 2021.
For those who are 15 years of age and older, the labor force participation rate (LFPR) in Current Weekly Status (CWS) in urban areas climbed to 56.2% in 2023 from 52.8 percent in 2022 and 51.8 percent in 2021. The term "labor force" describes the portion of the population that provides or proposes to provide labor for engaging in economic activities related to the production of products and services. This group include both employed and jobless individuals.
This comes days after the government declared that the manufacturing, mining & quarrying, and construction sectors' strong performance was the primary reason India's economic growth surged to 8.4% in the third quarter of 2023–2024. Data issued by the National Statistical Office (NSO) indicates that during the third quarter of this fiscal year (October-December 2023), the Indian GDP grew by 8.4%.
In its second advance estimate of the national accounts, the NSO projected 7.6 percent growth for the nation in 2023–2024. For the current fiscal year, it had predicted growth of 7.3% in its initial advance forecasts, which were made public earlier in January 2024.
