Unemployment rate declined to the lowest level of 3.1% in 2023, from 3.6% in 2022: Govt data
unemployment rate declined to 3.1% in 2023 from 3.6% in the previous year, corresponding with the country recording stellar growth during the year.
A significant reason for the decline in the unemployment rate was the decline in urban unemployment. Urban unemployment declined to 5.2% in 2023 compared with 5.9% in the previous year. Rural unemployment was down 40 bps to 2.4% from 2.8% earlier.
Global rating agency Moody’s, Monday, raised India’s growth estimate for 2023 by a percentage point to 7.7% from 6.7% projected earlier. Growth is expected to ease to 6.8% in 2024 and 6.4% in 2025, it noted. India recorded over 8% growth during the April-December period.
The male-female gap in unemployment increased according to annual periodic labour force data, as female unemployment declined slower than male unemployment.
Despite female labour force participation rising to 41.3% in 2023 from 33.9% earlier, unemployment only came down to 3% from 3.3% earlier. In contrast, male unemployment declined to 3. 2% from 3.7% in urban areas.
In both rural and urban areas, the decline in female unemployment was lower than the decline in male unemployment.
Female labour force participation in urban areas reached 27.2% for the first time.
However, even as the ratio of women willing to join the workforce rises, their participation in the economy is declining.
The ratio of female workers to male workers working as legislators, senior officials and managers reduced to 14.4% in 2023 from 19% earlier.
The decline was much starker in
