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SBI Research Report
The recently released sixth annual Periodic Labour Force Survey report from the National Sample Survey Organisation gauging unemployment rates across rural and urban areas for pan India as also states with different levels of disaggregation like gender, age, etc. reveal a significant decline in unemployment rate from 6.1% in FY18 to 3.2% in FY23, with an accompanying increase in Labour Force Participation Rate from 36.9% to 42.4%, with the Female Labour Force Participation Rate far outstripping the overall gain in LFPR.
Unemployment is always a contentious and political issue, more so for developing economies, and it is no surprise that even as the unemployment rates in PLFS survey data for the five-year period ended has revealed a significant decline, there is a plethora of misplaced and ignorant data interpretations in public domain, some political, some economic and laced with old fashioned rhetoric regarding for example, the jump in self employed populace and youth unemployment.
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