Unemployment Rate In India Declined To 3.1 Per Cent In 2023, Reveals NSO Report

NSO report disclosed that in 2023 the unemployment rate in rural areas dropped to 2.4 per cent, down from 2.8 per cent in 2022, while in urban areas, it dropped to 5.2 per cent from 5.9 per cent

The unemployment rate under the 'usual status' for individuals aged 15 years and above witnessed a decline for the second consecutive year since 2021 when the NSO started its annual data collection.

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In a report released by the National Statistical Office (NSO) on Monday, India's unemployment rate saw a decline to 3.1 per cent in 2023 from 3.6 per cent in the previous year, indicating a sustained improvement in the labour market. The report disclosed that during 2023, the unemployment rate in rural areas decreased to 2.4 per cent, down from 2.8 per cent in 2022, while in urban areas, it dropped to 5.2 per cent from 5.9 per cent during the same period.

Interestingly, the unemployment rate among rural women was recorded at 1.9 per cent, lower than that of rural men at 2.7 per cent in 2023. Conversely, in urban settings, the unemployment rate for women was higher at 7.5 per cent compared to men at 4.4 per cent.

The report also highlighted that the unemployment rate under the 'usual status' for individuals aged 15 years and above witnessed a decline for the second consecutive year since 2021 when the NSO started its annual data collection.

Typically, the NSO conducts the Periodic Labour Force Survey annually to gather data on employment and unemployment status in the country. The latest report combined data from four quarters of the calendar year to derive labour force indicators for 2023.

Furthermore, the report revealed a significant increase in the labour force participation rate (LFPR), reaching 59.8 per cent in 2023 from 56.1 per cent in 2022 at the national level. The rural LFPR surged to 63.4 per cent from 58.5 per cent in 2022, while the urban LFPR rose to 51.4 per cent from 50 per cent in the corresponding period.

Additionally, the report shed light on the ratio of women workers to men in various professions. In 2023, the ratio of women workers to men in roles such as legislators, senior officials, and managers was 14.4 per cent, while in professional and technical roles, it stood at 49.43 per cent.

The latest NSO report underscores positive trends in India's job market, indicating progress and growth in employment opportunities across different demographics.