New Delhi:
Due to the continuous improvement in the economic growth rate and the changes in the social environment, there are significant changes in the labour force of India. Many important facts have come to light in the latest Periodic Labour Force Survey (Periodic Labour Force Survey – Annual Report (July, 2023 – June, 2024)) report of the Ministry of Statistics. It has been found in this survey report that the nature of the labour force in India is changing and there is a good increase in the participation of women workers.
Labor force participation of women over 15 years of age increased to 41.7%
An important fact has come to light in the Periodic Labor Force Survey Report that the participation of women above 15 years of age in India’s labor force was 37% in July 2022-23, which increased to 41.7 percent in 2023-2024, that is, an increase of about 5% has been registered in the number of women workers in a year.
56% of the 52 crore PM Jan Dhan accounts are in the name of women
Jatinder Singh, deputy secretary general of industry association PHDCCI, told NDTV, “The size of the women workforce is increasing, women’s participation in salaried jobs is increasing. In this year’s budget, Rs 3.3 lakh crore was allocated for Nari Shakti by the finance minister… The system that is in place in the country right now is proving to be positive for bringing Nari Shakti into the mainstream. 56% of the 52 crore PM Jan Dhan accounts are in the name of women.”
Unemployment rate decreased from 6% to 3.2% in 7 years
The report says that the unemployment rate has decreased from 6% to 3.2% in 7 years between 2017-2018 and 2023-2024. If we look at the unemployment rate between 2022-2023 and 2023-2024, it is stable at the rate of 3.2 percent.
Why is the unemployment rate in the country stable at 3.2%?
In the last few years, India’s GDP growth rate has been 7% or more but the unemployment rate in the country is stagnant at 3.2%. On this question, Dr. Nitya Nand, Director, Council of Social Development, said, “When the productivity of people increases due to economic development, some of them decide not to do salaried jobs… Also, the population in India is increasing, due to which a large number of new people are trying to enter the labor market every year… Some people are also voluntarily unemployed because they do not join the labor force if they do not get a job of their choice.”
The Periodic Labour Force Survey also revealed that the labour force participation rate of people aged 15 years and above, that is the number of people working or available for work, has increased in the past seven years.
Labour Force Participation Rate in rural areas increased to 63.7%
According to the Ministry of Statistics, “The Labour Force Participation Rate in rural areas will increase from 50.7% in 2017-18 to 63.7% in 2023-24, while in urban areas it will increase from 47.6% to 52.0%. The Labour Force Participation Rate for men in India will increase from 75.8% in 2017-18 to 78.8% in 2023-24 and the Labour Force Participation Rate for women will increase from 23.3% to 41.7%”.
The report of the Ministry of Statistics has also revealed the fact that the income of salaried workers in the country has increased more than that of self-employed people.
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