India’s unemployment rate for individuals aged 15 years and above has significantly decreased to 3.2% in fiscal year 2023 (FY23), according to the labor ministry. This marks a substantial decline from 6% in FY18, highlighting a positive trend in employment growth. The report also reveals a decrease in unemployment among youth aged 15-29 years, with the rate falling to 10% in FY23 from 17.8% in FY18.
According to preliminary estimates from the Reserve Bank of India (RBI), India has witnessed a remarkable increase in employment opportunities, with an estimated 30 million new jobs created in the financial year 2022-23. This significant growth, primarily attributed to the low job base during the pandemic years, has pushed the total number of employed individuals to 580 million. The data, derived from the Periodic Labour Force Survey (PLFS), forms part of the RBI’s KLEMS database, which offers insights into key production inputs like capital, labor, energy, materials, and services. The KLEMS data, which is expected to be released in the coming months, is crucial for developing informed economic policies. It provides granular information on the inputs used in production processes and the output generated by the economy, while PLFS data provides valuable insights into the size and composition of the labor force, employment trends across various sectors and demographic groups, and unemployment rates.
