Mumbai: India’s unemployment rate has touched record low. A report published by the economists at the country’s largest lender SBI has revealed this. As per the report, India’s labour market is undergoing a structural transformation.
‘India’s unemployment rate is at a record low, India’s labour market is undergoing a deep structural transformation with self-entrepreneurship across all echelons and higher educational attainment emerging as key enablers,’ the report said.
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The Periodic Labour Force Survey (PLFS) report delineates a fall from 6.1% in the fiscal year 2018 to 3.2% in 2023. Self-employment has seen an increase from 13.6% to 18.3% in the same period. The average monthly salary of a casual worker has increased by 1.3 times in FY18-FY23.
‘Also, with primary subsistence needs like food, shelter, medical needs being taken care of by the government through free ration for 80 crore people, Awas Yojana and Ayushman Bharat, apart from additional state schemes, people are making a clear trade-off between earnings and working in family enterprises,’ said the report.
The labor force participation rate, particularly among women, has seen a rise. The female labor force participation rate (LFPR) has surged from 17.5% to 27.8% from 2018 to 2023. The study claims that this rise in female participation is a reflection of financial inclusion initiatives like the Pradhan Mantri MUDRA Yojana (PMMY).
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