Wednesday, 12 June 2024

India’s Unemployment Rate is Declining for the Past Three Years

According to information provided to Parliament on Monday, the rate of unemployment in India has been on the decline over the past three years.

Rameswar Teli, a minister of state for labor and employment, stated in Lok Sabha that according to the most recent annual PLFS reports, the estimated unemployment rate (UR) on ordinary status for those aged 15 and over was 4.8%, 4.2%, and 4.1% in 2019–20, 2020–21, and 2021–22, respectively.

Decreasing Unemployment

The above reports demonstrate that “the country’s unemployment rate has been trending downward,” he wrote in a written response to the lower chamber.

The Minister stated in a different response that there has been an increase in the number of women working.

  • The rate of unemployment in India has been on the decline over the past three years.
  • The estimated unemployment rate (UR) for those aged 15 was 4.8%, 4.2%, and 4.1% in 2019-22, respectively.
  • There were 39.97 lakh job seekers who registered with employment exchanges in 2022.

A projected Labour Force Participation Rate (LFPR) of 30%, 32.5 percent, and 32.8 percent for women aged 15 and above in the country during 2019–2020, 2020–2020, and 2021–2022, respectively, was outlined by him.

The Periodic Labour Force Survey (PLFS), carried out by the Ministry of Statistics and Programme Implementation (MoSPI) from 2017–18, is how the information on employment and unemployment is gathered.

The study will run from July to June of the following year. According to the statistics the states and UTs provided, there were 39.97 lakh job seekers (employed and jobless) who registered with employment exchanges in 2022, he continued.

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