India's unemployement rate eases from 5% in 2023 to 4.9% in 2024

Ministry of Statistics & Programme Implementation stated in a latest update that in Urban areas, Labour Force Participation Rate or LFPR increased for males (74.3% in 2023 to 75.6% in 2024) and slightly for females (25.5% to 25.8%), leading to an overall rise in LFPR (50.3% to 51.0%). Overall LFPR remained constant at 56.2%, despite minor variations across categories. Slight improvements were seen across all categories, particularly in the overall WPR (47.0% to 47.6%) in Urban areas. At all India level overall WPR remained relatively unchanged (53.4% to 53.5%).

In rural area, marginal decline in overall unemployment (4.3% to 4.2%), with slight reductions for both men and women. In urban male unemployment rose (6.0% to 6.1%), but female unemployment declined (8.9% to 8.2%), keeping the overall urban rate stable at 6.7%. At all India level, Unemployment saw a minor drop from 5.0% in 2023 to 4.9% in 2024, suggesting slight improvements in employment opportunities. Decline in unpaid helpers in household enterprises seems to have contributed to the drop in WPR as well as LFPR among rural females, as the percentage of “helpers in Household Enterprises” decreased from 19.9% to 18.1% from 2023 to 2024.

Powered by Capital Market - Live News