The country’s employment rate increased by 6 per cent in the fiscal year ended March 31, 2024, compared to a growth of 3.2 per cent in 2022-23. Employment in the country increased by Rs 4.67 crore to Rs 64.33 crore (provisional) in the fiscal year 2023-24, from Rs 59.67 crore in 2022-23, the RBI’s Measuring Productivity at the Industry Level-The India KLEMS like Capital (K), Labour (L), Energy (E), Material (M) and Services (S) database showed.
The database includes 27 industries covering the entire Indian economy. The database also provides these estimates at the level of major sectors (agriculture, manufacturing and services) and the all-India level.
It includes measures of gross value added (GVA), gross production value (BOP), employment (L), labour quality (LQ), capital stock (K), capital composition (KQ), consumption of energy (E), material (M) and services (S), labour productivity (LP) and total factor productivity (TFP).
According to the latest quarterly bulletin of the Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MoSPI), the unemployment rate (UR) in urban areas declined to 6.7 per cent in January-March 2024 for persons aged 15 years and above in May 2024 from 6.8 per cent in January-March 2023.
The female unemployment rate declined from 9.2 per cent in January-March 2023 to 8.5 per cent in January-March 2024. The labour force participation rate (LFPR) in urban areas showed an increasing trend from 48.5 per cent in January-March 2023 to 50.2 per cent in January-March 2024 for persons aged 15 years and above, the PLFS data showed.
The working population share (WPR) among persons aged 15 years and above increased from 45.2 per cent in January-March 2023 to 46.9 per cent in January-March 2024.
The female worker population ratio in urban areas increased from 20.6 per cent in January-March 2023 to 23.4 per cent in January-March 2024, reflecting an overall increasing trend in the WPR, the data showed.
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