India's Youth Unemployment Down From 17.8% To 10% In Five Years; Says Economic Survey

Among the most important highlights of the survey is the annual unemployment rate for individuals aged 15 and above has been witnessing a declining trend since the COVID-19 pandemic.

The survey suggests that the youth unemployment rate has dropped from 17.8% in 2017-18 to 10% in 2022-23, with increased youth participation in the labor force.

This decline is accompanied by an increase in the labor force participation rate (LFPR) and the worker-to-population ratio (WPR). Even under the strict criteria of the current weekly status (CWS), employment recovery is evident in both urban and rural areas.

The quarterly PLFS reports for urban areas enable a more updated picture of employment. The quarterly urban unemployment rate for people aged 15 years and above declined to 6.7 per cent in the quarter ending March 2024 from 6.8 per cent in the corresponding quarter of the previous year, accompanied by a rise in the WPR and LFPR.

Indias workforce was estimated to be nearly 56.5 crore in 2022-23. The employment distribution includes over 45% in agriculture, 11.4% in manufacturing, 28.9% in services, and 13% in construction. Agricultures significant role in providing employment, especially to females, presents both challenges and opportunities.

In terms of employment status of workers, 57.3 per cent of the total workforce is self-employed, and 18.3 per cent is working as unpaid workers in household enterprises. Casual labour comprises 21.8 per cent of the total workforce and regular wage/salaried workers are 20.9 per cent of the total workforce.

Powered by Capital Market - Live News