INDIA'S UNEMPLOYMENT RATE DROPS TO SIX-YEAR LOW OF 3.2%

NSSO's annual labour survey (Jul 22 - Jun '23) reports falling unemployment, indicating improved job prospects in India, with positive gender equality and increased workforce participation.

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India’s unemployment rate for individuals aged 15 years and above has hit a six-year low, standing at 3.2% during the period from July 2022 to June 2023, according to the Periodic Labour Force Survey Annual Report 2022-2023 released by the National Sample Survey Office (NSSO).

The unemployment rate, which measures the percentage of unemployed individuals in the labour force, witnessed a significant decline from 4.1% in the previous year (20212022).

The Periodic Labour Force Survey (PLFS), launched in April 2017 by the NSSO, aims to provide more frequent data on the labour force in India. The reference period for the recent report is from July 2022 to June 2023.

The decrease in the unemployment rate reflects broader economic improvements and increased opportunities for job seekers. It is particularly significant given the economic challenges posed by the COVID-19 pandemic.

Here is a summary of the key findings from the report: