The unemployment rate in rural areas has declined from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23. In urban areas, it has reduced from 7.7 per cent to 5.4 per cent during the same period.
The data also suggest a significant decline in the unemployment rate among females, from 5.6 per cent in 2017-18 to 2.9 per cent in 2022-23.
Among youth, the unemployment rate has declined from 17.8 per cent to 10 per cent for the same period.
PLFS data of the last six years indicates an improving trend in labour participation rate and worker population ratio. PLFS data of the last six years suggests that employment has increased in the country from 46.8 per cent in 2017-18 to 56 per cent in 2022-23.Similarly, labour force participation has also gone up from 49.8 per cent in 2017-18 to 57.9 per cent in 2022-23.The unemployment rate has declined from 6 per cent in 2017-18 to 3.2 per cent in 2022-23. In 2022-23, there is a 3.1 per cent growth in WPR as against an LFPR of 2.7 per cent — more jobs than demand.
The Union Minister also said in a written reply in the Lok Sabha that the unemployment rate for youth in the country has been declining, as the unemployment rate (UR) stood at 3.2 per cent for 2022-23 compared to 4.1 per cent compared to 2021-22.
As per the Reserve Bank of India’s (RBI) latest KLEMS data, employment in the country increased to 64.33 crore in 2023-24, compared to 47.15 crore in 2014-15. The total increase in employment from 2014-15 to 2023-24 stood at about 17.19 crore.