- April 24, 2024
India witnesses significant growth in jobs and decline in unemployment rate, government stats show | India News – Times of India
NEW DELHI: In a recent report by the International Labour Organization (ILO), alarming statistics reveal that a staggering 83% of India’s unemployed workforce comprises youth.
Data sourced from multiple authoritative platforms including the Periodic Labour Force Survey (PLFS), Employee Provident Fund Organisation (EPFO), Reserve Bank of India (RBI), National Career Services (NCS) portal, and key government schemes indicate growth in jobs and a decline in the unemployment rate over the last few years, reported ANI.
Positive trends in job growth and unemployment reduction
PLFS data spanning six years reflects an upward trajectory in both labor participation rate and worker population ratio. From 2017-18 to 2022-23, employment in India surged from 46.8% to 56%, accompanied by a notable rise in labor force participation from 49.8% to 57.9%. Concurrently, the unemployment rate plummeted from 6% to 3.2%, indicating a favorable job market shift.
Rural-Urban disparities narrow
Unemployment rates in rural areas decreased from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while urban centers witnessed a decline from 7.7 per cent to 5.4 per cent during the same period, demonstrating a narrowing gap over the same period.
Gender and youth employment improvements
Encouragingly, there’s a substantial reduction in female unemployment, dropping from 5.6 per cent in 2017-18 to 2.9 per cent in 2022-23. Moreover, youth unemployment rates declined significantly from 17.8% to 10% during the analyzed timeframe.
Education and employment
PLFS findings highlight a surge in employment opportunities for educated individuals, with the employment rate for graduates rising from 49.7 per cent in 2017-18 to 55.8 per cent in 2022-23, and for postgraduates and above, from 67.8% to 70.6%.
Government initiatives and policy impacts
Government schemes such as Pradhan Mantri Mudra Yojana (PMMY) and Atmanirbhar Bharat Rojgar Yojana (ABRY) have disbursed substantial funds, fostering job creation and economic empowerment. Flagship programs like Make in India, Start-up India, and Digital India have also played pivotal roles in generating employment opportunities.
Surge in job vacancies and NCS utilization
The NCS portal witnessed a remarkable surge of 214% in job vacancies in 2023-24 compared to the previous year. With over 25.58 lakh registered employers and approximately one million active job vacancies daily, the platform has emerged as a crucial hub for employment opportunities.
Sectoral growth and future outlook
Notably, sectors such as finance, insurance, construction, manufacturing, transportation, IT, and communications have seen substantial increases in job vacancies, indicating positive momentum in economic recovery.
(With inputs from agencies)
Data sourced from multiple authoritative platforms including the Periodic Labour Force Survey (PLFS), Employee Provident Fund Organisation (EPFO), Reserve Bank of India (RBI), National Career Services (NCS) portal, and key government schemes indicate growth in jobs and a decline in the unemployment rate over the last few years, reported ANI.
Positive trends in job growth and unemployment reduction
PLFS data spanning six years reflects an upward trajectory in both labor participation rate and worker population ratio. From 2017-18 to 2022-23, employment in India surged from 46.8% to 56%, accompanied by a notable rise in labor force participation from 49.8% to 57.9%. Concurrently, the unemployment rate plummeted from 6% to 3.2%, indicating a favorable job market shift.
Rural-Urban disparities narrow
Unemployment rates in rural areas decreased from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while urban centers witnessed a decline from 7.7 per cent to 5.4 per cent during the same period, demonstrating a narrowing gap over the same period.
Gender and youth employment improvements
Encouragingly, there’s a substantial reduction in female unemployment, dropping from 5.6 per cent in 2017-18 to 2.9 per cent in 2022-23. Moreover, youth unemployment rates declined significantly from 17.8% to 10% during the analyzed timeframe.
Education and employment
PLFS findings highlight a surge in employment opportunities for educated individuals, with the employment rate for graduates rising from 49.7 per cent in 2017-18 to 55.8 per cent in 2022-23, and for postgraduates and above, from 67.8% to 70.6%.
Government initiatives and policy impacts
Government schemes such as Pradhan Mantri Mudra Yojana (PMMY) and Atmanirbhar Bharat Rojgar Yojana (ABRY) have disbursed substantial funds, fostering job creation and economic empowerment. Flagship programs like Make in India, Start-up India, and Digital India have also played pivotal roles in generating employment opportunities.
Surge in job vacancies and NCS utilization
The NCS portal witnessed a remarkable surge of 214% in job vacancies in 2023-24 compared to the previous year. With over 25.58 lakh registered employers and approximately one million active job vacancies daily, the platform has emerged as a crucial hub for employment opportunities.
Sectoral growth and future outlook
Notably, sectors such as finance, insurance, construction, manufacturing, transportation, IT, and communications have seen substantial increases in job vacancies, indicating positive momentum in economic recovery.
(With inputs from agencies)
