Data dive: What latest data reveals about jobs, wages, and work hours
Subscribe to enjoy similar stories. Amid the debate about whether India’s growth story has failed to create enough jobs, the Periodic Labour Force Surveys (PLFS) show a significant decline in the unemployment rate over the years. It nearly halved to 3.2% in 2023-24 (July-June) compared to 6.1% in 2017-18.
However, this decline is just one part of the story; the others are increased self-employment, especially among those who work as unpaid helpers in household enterprises, a huge gender gap in earnings, and long working hours for regular wage and salaried employees. Mint explores the trends in India’s jobs market: The PLFS report for 2023-24, released this week, shows that the unemployment rate for those aged 15 and above was steady at 3.2%. It has declined significantly over the years.
Even in the years hit by the pandemic—2019-20 and 2020-21—the unemployment rate was low at 4.8% and 4.2%, respectively. However, the overall unemployment rate masks the stress in the job market for more educated Indians. While the unemployment rate for those who have studied until secondary school or above has also declined from double digits in 2017-18, it remained quite elevated at 7.1% in 2023-24.
The overall figure has been pulled down mainly by individuals who are not literate or literate only up to the primary level, for whom the unemployment rate is less than 1%. The unavailability of high-quality jobs has resulted in high unemployment rates for more educated, said experts. The unemployment rate has declined, suggesting availability of more jobs in the market but the quality of employment has not improved.
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