2 min readMumbaiJul 9, 2024 05:00 AM IST
The country’s employment rate grew by 6 per cent in the fiscal year ended March 31, 2024 from a growth of 3.2 per cent in 2022-23, according to the Reserve Bank of India’s data.
Employment in the country increased by 4.67 crore to 64.33 crore (provisional) in the fiscal year 2023-24, from 59.67 crore in 2022-23, the RBI’s Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] database showed.
In the year ended 2022-23, employment in the country stood at 57.75 crore, compared to 56.56 crore in 2021-22, the RBI data showed.
The database covers 27 industries comprising the entire Indian economy. The database also provides these estimates at the broad sectoral levels (agriculture, manufacturing and services) and at the all-India levels.
It includes measures of Gross Value Added (GVA), Gross Value of Output (GVO), Labour Employment (L), Labour Quality (LQ), Capital Stock (K), Capital Composition (KQ), the consumptions of Energy (E), Material (M) and Services (S) inputs, Labour Productivity (LP) and Total Factor Productivity (TFP).
As per the latest quarterly bulletin of Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MoSPI), in May 2024, unemployment rate (UR) in urban areas decreased from 6.8 per cent during January–March 2023 to 6.7 per cent in January–March 2024 for persons of age 15 years and above.
Female unemployment rate declined from 9.2 per cent in January–March 2023 to 8.5 per cent in January–March 2024.
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Labour Force Participation Rate (LFPR) in urban areas has shown an increasing trend from 48.5 per cent in January – March 2023 to 50.2 per cent during January – March 2024 for persons of age 15 years and above, the PLFS data showed.
There was an increasing trend in Worker Population Ratio (WPR) for persons of age 15 years and above from 45.2 per cent in January – March 2023 to 46.9 per cent in January – March 2024.
Female Worker Population Ratio in urban areas rose from 20.6 per cent in January – March 2023 to 23.4 per cent during January – March 2024, reflecting an overall increasing trend in WPR, the data showed.
