India Sees Remarkable Progress in Employment with Lowest Unemployment Rate in Six Years

India's job market has reason to celebrate as the country's unemployment rate hits a six-year low at a mere 3.2%, based on the latest government data released in the Periodic Labour Force Survey Annual Report 2022-2023 by the National Sample Survey Office.

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India's job market has reason to celebrate as the country's unemployment rate hits a six-year low at a mere 3.2%, based on the latest government data released in the Periodic Labour Force Survey Annual Report 2022-2023 by the National Sample Survey Office.

This data showcases a steady and remarkable decline inunemployment rates. The Unemployment Rate (UR) for individuals aged 15 and above at the national level dropped from 4.1% in the previous fiscal year to the current 3.2%, marking a continued decrease over several years.

Both rural and urban areas have contributed to this positive trend. Rural areas saw a substantial decrease from 5.3% in 2017-18 to a remarkable 2.4% in 2022-23, while urban areas also experienced a significant reduction, declining from 7.7% to 5.4%. This decline holds true for both genders, with males' unemployment rate decreasing from 6.1% to 3.3% and females' rate dropping from 5.6% to 2.9% during this period.

Furthermore, the Labour Force Participation Rate (LFPR) for individuals aged 15 and above has risen to 57.9%, marking a notable increase from 49.8% in 2017-18. LFPR represents the percentage of individuals in the labor force within the population. This improvement extends to rural and urban areas, with rural LFPR increasing from 50.7% to 60.8% and urban LFPR rising from 47.6% to 50.4%.

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The Worker Population Ratio (WPR) for individuals aged 15 and above also experienced substantial growth, climbing to 56% in 2022-23 from 46.8% in 2017-18. WPR indicates the percentage of employed persons in the population. In rural areas, WPR increased from 48.1% to 59.4%, and in urban areas, it grew from 43.9% to 47.7%. This improvement also reflects gender parity, with a significant increase for males from 71.2% to 76.0% and females from 22.0% to 35.9%.

The National Sample Survey Office deserves recognition for timely data collection, which has been ongoing despite regional challenges. This latest report, covering July 2022 to June 2023, offers valuable insights into India's employment landscape, showcasing declining unemployment rates and increased labor force participation and employment rates.