India's labour market undergoing structural transformation: SBI report

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India’s war on informal labour is turning out bad for workers Himachal Pradesh has the best ratio at 49% followed by Meghalaya at 45%, Sikkim and Nagaland at 44%, and Chhattisgarh at 42%. The SBI report backed the idea of increasing the representation of banking correspondents to 33% in order to alter the country's socio-economic fabric meaningfully.

Why low unemployment rate hides the full picture Further, the report noted that interpreting the jump in self-employed populace within the employment estimates (57.3% in FY23 now against 52.2% in FY18) with the main traction coming from the rising share of household helpers evidentially has been wrongfully interpreted by labour economists and others as a signal of shrinking employment opportunities. India will manage 8% growth by 2030 if more women join workforce, says report The SBI report said that self-employed in India's labour force has always been trending much above 50% even during the 1980s and 90s to 2000s.

Also, it argued that the government's emphasis on entrepreneurship through Pradhan Mantri Mudra Yojana and even recent schemes post-pandemic like PM- SVANidhi for those at the bottom of the pyramid is imparting a structural transformation in labour markets in India. Gen Z has enough reason to be anxious about financial security It suggested that the time may have come again to tweak the benchmarking given to higher educational qualifications in PLFS as education is the most critical factor in deciding the unemployment rate.

"In the last three years, maximum deceleration in the unemployment rate is visible in the persons having education of secondary and above and one needs to calibrate the education/employment matrix rationally," it noted. PLFS surveys were