National Sample Survey Office (NSSO): 2023
According to the Periodic Labour Force Survey (PLFS), conducted by the National Sample Survey Office (NSSO), in 2023, India’s unemployment rate has dropped significantly, marking the lowest in the past three years.
- The PLFS gives estimates of Key employment and unemployment Indicators like, the Labour Force Participation Rates (LFPR), Worker Population Ratio (WPR), Unemployment Rate (UR), etc and the Activity Status- ‘Usual Status’ and ‘Current Weekly Status’.
Highlights of the Report:
- India’s unemployment rate for individuals aged 15 and above has dropped to 3.1% in 2023, marking the lowest in the past three years.
- The unemployment rate was at 3.6% in 2022 and 4.2% in 2021.
- There is a decline in the unemployment rate among females to 3% in 2023 from 3.3% in 2022 and 3.4% in 2021.
- Similarly, for males, it decreased to 3.2% in 2023 from 3.7% in 2022 and 4.5% in 2021.
- There is a recovery in the employment scenario post the impact of the Covid-19 pandemic, with increased economic activity after the lifting of lockdowns by the Centre and states.
- Urban areas witnessed a reduction to 5.2% in 2023 from 5.9% in 2022 and 6.5% in 2021, while rural areas experienced a decrease to 2.4% in 2023 from 2.8% in 2022 and 3.3% in 2021.
- The LFPR in Current Weekly Status (CWS) for individuals aged 15 and above in urban areas rose to 56.2% in 2023, showing an upward trajectory from 52.8% in 2022 and 51.8% in 2021.
- This positive employment data comes on the heels of recent reports indicating India’s economic growth surging to 8.4% in the third quarter of 2023-24.
- Sectors such as manufacturing, mining & quarrying, and construction played a pivotal role in driving this growth, as per data released by the NSO.
- The NSO’s second advance estimate pegs India’s growth at 7.6% for the entire fiscal year 2023-24, surpassing the initial projection of 7.3% released in January 2024.
