Unemployment Rate Declines to 3.2% in 2023-24 from 6.0% in 2017-18: Economic Survey 2024-25

The Economic Survey 2024-25, presented by Union Finance Minister Smt. Nirmala Sitharaman in Parliament today, revealed that the unemployment rate for individuals aged 15 and above has dropped significantly to 3.2% in 2023-24, down from 6.0% in 2017-18. This marks a remarkable turnaround in the labor market, reflecting the nation’s resilience and post-pandemic recovery.

The Survey highlights that this decline in unemployment is not just a number—it represents the growth of India’s workforce in an increasingly formalized economy. As more individuals enter the workforce with stable, formal job opportunities, the country is setting the stage for sustainable economic growth in the years to come.

What’s more, the Economic Survey reports a steady rise in the labor force participation rate (LFPR) and the worker-to-population ratio (WPR), signaling stronger and broader engagement in the economy. This is a testament to the government’s efforts to create job opportunities and expand the formal sector, contributing to improved economic stability.

Looking ahead, the Survey stresses that as India continues its economic journey, the adoption of cutting-edge technologies like Artificial Intelligence (AI) and a renewed focus on education and skill development will be key drivers of future labor market success. By equipping the workforce with the necessary tools to thrive in an AI-driven world, India is setting itself up for a future of high-quality, tech-savvy job creation.

Prateeksha Thakur

[Prateeksha Thakur] is a seasoned journalist known for [her] sharp analysis and clear communication. At Newsisland, [she] focus on political reporting, offering readers a nuanced understanding of complex issues.

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