Centre’s Survey Highlights Decrease In Unemployment Rate

New Delhi, Feb 6 (KNN) The Periodic Labour Force Survey (PLFS) conducted by the Ministry of Statistics and Programme Implementation (MoSPI) has indicated a steady decline in unemployment rate over the last 5 years. The decline in unemployment rate is evident for both rural and urban areas, as well as among different demographic groups, including both males and females.

Between July 2022 and June 2023, the unemployment rate fell to 3.2 per cent, its lowest level in six years. The continuous drop from 6.1 per cent in the first PLFS of 2017-18 has been driven by improvements in both urban and rural regions, as well as across education levels and genders.

The survey reports that the unemployment rate (UR) in rural regions declined from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while in urban areas, it decreased from 7.7 per cent to 5.4 per cent.

For males in India, the rate decreased from 6.1 per cent in 2017-18 to 3.3 per cent in 2022-23, and for females, the corresponding decrease was from 5.6 per cent to 2.9 per cent.

The ministry has also reported an increasing trend in Labour Force Participation Rate and Worker Population Ratio in the same time period.

Dr. Shamika Ravi, member of Economic Advisory Council to the Prime Minister, commented on the PLFS study, stating that Labour force Participation Rate is rising for all demographics in India and the fastest rise is for females. She also stated that unemployment rate is declining steadily for all groups, including youth population (18-29 yrs).

These positive trends are believed to be influenced by various government schemes. Initiatives such as Atmanirbhar Bharat the Production-linked Incentive (PLI) Scheme and Pradhan Mantri Mudra Yojana (PMMY) have played a significant role.

The government is implementing the PLI project with an outlay of Rs. 1.97 lakh crore over a five-year period beginning in 2021-22, with the potential to create 60 lakh new jobs. Under the Mudra scheme, as on November 2023, more than 44.41 crore loan accounts have been sanctioned.

In addition to these efforts, numerous flagship programs of the Government, including Make in India, Start-up India, Stand-up India, Digital India, Housing for All, among others, are also aimed at creating employment opportunities.

(KNN Bureau)