Indian economy: Country’s employment rate increased by 6 percent in financial year
Indian economy: The country’s employment rate grew by 6 per cent in the financial year ending March 31, 2024, while it grew by 3.2 per cent in 2022-23. According to RBI’s measure of industrial level productivity, employment in the country is expected to increase by 4.67 crores to 64.33 crores (provisional) in the financial year 2023-24 from 59.67 crores in 2022-23: India’s KLEMS database is shown as Capital (K), Labour (L), Energy (E), Materials (M) and Services (S). The database includes 27 industries covering the entire Indian economy. The database also provides these estimates at the level of major sectors (agriculture, manufacturing and services) and at the all-India level. It includes measures of gross value added (GVA), gross value of output (BOP), employment (L), labour quality (LQ), capital stock (K), capital structure (KQ), energy consumption (E), materials (M) and services (S), labour productivity (LP) and total factor productivity (TFP).
According to the latest quarterly bulletin of the Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MoSPI), the unemployment rate (UR) for senior citizens in urban areas declined to 6.7 per cent in January-March 2024 for those aged 15 years or above in May 2024, from 6.8 per cent in January-March 2023. The female unemployment rate declined to 8.5 per cent in January-March 2024 from 9.2 per cent in January-March 2023. The labour force participation rate (TPFL) in urban areas increased to 50.2 per cent in January-March 2023 from 48.5 per cent in January-March 2024 for people aged 15 years and above, the PLFS data showed. The labour force ratio (WPR) among people aged 15 years and above increased to 46.9 per cent in January-March 2024 from 45.2 per cent in January-March 2023. The survey data show that the proportion of female working population in urban areas increased from 20.6 per cent in January-March 2023 to 23.4 per cent in January-March 2024, reflecting an overall upward trend in WPR.
