Sentinel Digital Desk
India's unemployment rate has stagnated at 3.2% for the year 2023-24, according to the latest Periodic Labour Force Survey (PLFS) by the National Statistical Office (NSO). This halts five consecutive years of decline, raising concerns for the economy.
In rural areas, unemployment slightly rose from 2.4% to 2.5%, while urban unemployment saw a minor decrease from 5.4% to 5.1%. Despite the differences, both sectors are still facing job creation challenges.
Unemployment among women increased from 2.9% to 3.2%, while for men, it slightly decreased from 3.3% to 3.2%. The growing joblessness among women is particularly concerning.
The Labour Force Participation Rate (LFPR) rose to 60.1% from 57.9%, reflecting more people either working or actively seeking employment, but jobs are not keeping pace with the growing workforce.
Self-employment now makes up 58.4% of the workforce, indicating a shift away from wage employment due to limited formal job opportunities. This trend highlights the need for better job security.
Economist Dr. Hari Ramakurti stressed the need for a multi-pronged strategy, including skill development and entrepreneurship promotion to address unemployment. The stagnation may be linked to the lasting effects of the pandemic.