Employment Rate Rises Significantly In FY24 : RBI
The Reserve Bank of India (RBI) data revealed a significant rise in India’s employment rate, growing by 6% in FY24 from 3.2% in FY23, reflecting positive trends in the labour market.
- The RBI’s India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database showed that in the year 2022-23, employment in the country was 57.75 crore, compared to 56.56 crore in 2021-22.
- The database covers 27 industries and provides estimates at the broad sectoral levels and all-India levels. It includes measures of Gross Value Added, Labour Employment, Capital Stock, and inputs such as Energy, Material, and Services.
- The female unemployment rate showed a notable decline, dropping from 9.2% in January–March 2023 to 8.5% in January–March 2024.
- The female worker population ratio (WPR) in urban areas increased from 20.6% in January – March 2023 to 23.4% in January – March 2024, indicating a general upward trend in WPR.
