Highlights

  • Economic Survey highlights unemployment rate decline
  • Formal sector job growth surge noted
  • Female workforce participation sees substantial increase

Latest news

Pakistani Hindu pilgrims experience Maha Kumbh for the first time

Pakistani Hindu pilgrims experience Maha Kumbh for the first time

Two safe as mirage 2000 crashes in Madhya Pradesh

Two safe as mirage 2000 crashes in Madhya Pradesh

Contradictions in Pakistan's Kashmir peace claims

Contradictions in Pakistan's Kashmir peace claims

AAP accuses BJP of Rs 15 Crore poaching attempt pre-Delhi poll results

AAP accuses BJP of Rs 15 Crore poaching attempt pre-Delhi poll results

Israel orders army to plan to let Palestinians leave Gaza

Israel orders army to plan to let Palestinians leave Gaza

Harshit Rana shines on debut as India bundle England for 248 in 1st ODI

Harshit Rana shines on debut as India bundle England for 248 in 1st ODI

PM Modi targets Congress over Emergency Era actions, emphasizes BJP’s 'Nation First' approach

PM Modi targets Congress over Emergency Era actions, emphasizes BJP’s 'Nation First' approach

Need early reform of key multilateral bodies including UNSC President Murmu

Need early reform of key multilateral bodies including UNSC President Murmu

Economic survey 2024-25 highlights decline in unemployment, surge in formal sector jobs

The Economic Survey 2024-25 reveals a significant drop in India’s unemployment rate, from 6% in 2017-18 to 3.2% in 2023-24. The report highlights strong growth in formal sector employment, especially among youth, and a rise in self-employment.

Economic survey 2024-25 highlights decline in unemployment, surge in formal sector jobs

India’s unemployment rate has shown a substantial decrease in recent years, according to the Economic Survey 2024-25 presented by Union Finance Minister Nirmala Sitharaman in Parliament on Friday.

The country’s unemployment rate (UR) for individuals aged 15 and above has steadily fallen from 6 percent in 2017-18 to 3.2 percent in 2023-24, indicating a positive transformation in the labour market.

The Economic Survey attributes this decline to India’s strong post-pandemic recovery and the increased formalization of the job market.

As highlighted in the Periodic Labour Force Survey (PLFS), both the labour force participation rate and the worker population ratio have shown significant growth, suggesting a more dynamic workforce and a reduction in unemployment across various demographic groups.

Beyond the decrease in unemployment, the survey highlights a significant increase in formal sector employment. The net additions to the Employees’ Provident Fund Organization (EPFO) subscriptions more than doubled, rising from 61 lakh in FY19 to 131 lakh in FY24.

This surge marks the formalization of the job market, with youth emerging as the primary beneficiaries. Nearly 61 percent of net payroll additions have come from workers under the age of 29, signaling a shift towards organized sector jobs for younger generations.

Self-employment has also increased, with the proportion of self-employed workers growing from 52.2 percent in 2017-18 to 58.4 percent in 2023-24. This shift reflects a rise in entrepreneurial activity and a preference for flexible work arrangements.

The growth in self-employment is also reflected in the decrease in casual workers, which dropped from 24.9 percent to 19.8 percent, signaling a transition toward more structured forms of employment.

The Economic Survey advocates for an environment that supports business growth, job creation, and economic development through labor regulations. It recommends flexible working hours and the removal of overtime restrictions, suggesting that these changes would create more opportunities for workers and enhance their earnings potential.

The survey also identifies promising sectors for future job creation, particularly the digital economy and renewable energy industries. These sectors are expected to generate a range of job opportunities, especially for women, which will further drive their financial independence and empowerment.

A greater focus on these industries is anticipated to contribute to a diverse and sustainable job market.

Additionally, the Economic Survey reports that the female labour force participation rate (FLFPR) has seen significant growth, increasing from 23.3 percent in 2017-18 to 41.7 percent in 2023-24. This demonstrates the growing participation of women in the workforce, both in rural and urban areas.

ADVERTISEMENT

Up Next

Economic survey 2024-25 highlights decline in unemployment, surge in formal sector jobs

Economic survey 2024-25 highlights decline in unemployment, surge in formal sector jobs

Global stock market indices: How the world markets performed today - 6 February 2025

Global stock market indices: How the world markets performed today - 6 February 2025

Indian stock market sector-wise performance today - February 6, 2025

Indian stock market sector-wise performance today - February 6, 2025

Top 5 Nifty 50 gainers today – February 6, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – February 6, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of February 6, 2025

NSE Nifty 50: Top 5 stock losers of February 6, 2025

Sensex drops over 300 points ahead of RBI monetary policy decision

Sensex drops over 300 points ahead of RBI monetary policy decision

ADVERTISEMENT

editorji-whatsApp

More videos

Indian stock market sector-wise performance today - February 5, 2025

Indian stock market sector-wise performance today - February 5, 2025

Global stock market indices: How the world markets performed today - 5 February 2025

Global stock market indices: How the world markets performed today - 5 February 2025

Indian Stock Market Sector-wise Performance: Which Sector is performed Well Today - February 04, 2025

Indian Stock Market Sector-wise Performance: Which Sector is performed Well Today - February 04, 2025

NSE Nifty 50 Top gainers: Who are the 5 Biggest Stock gainers Today February 04, 2025

NSE Nifty 50 Top gainers: Who are the 5 Biggest Stock gainers Today February 04, 2025

NSE Nifty 50 Top losers: Who are the 5 Biggest Stock losers Today February 04, 2025

NSE Nifty 50 Top losers: Who are the 5 Biggest Stock losers Today February 04, 2025

EU leaders vow to hit back if Trump triggers trade war

EU leaders vow to hit back if Trump triggers trade war

Rupee falls 55 paise to breach 87 level against USD as Trump tariff triggers trade war fears

Rupee falls 55 paise to breach 87 level against USD as Trump tariff triggers trade war fears

NSE Nifty 50: Top 5 stock losers of February 3, 2025

NSE Nifty 50: Top 5 stock losers of February 3, 2025

Top 5 Nifty 50 gainers today – February 3, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – February 3, 2025: Biggest stock moves

Sensex falls by 319 points amid weak global trends on trade war fears

Sensex falls by 319 points amid weak global trends on trade war fears

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.