Employment Growth Rate Almost Doubles, Labour Force Participation Above 50 Per Cent In Urban Areas: RBI Data

India's employment rate has grown by 6 per cent in the fiscal year ending 31 March 2024 marking an increase from the growth rate of 3.2 per cent in 2022-23, according to a report from The Indian Express.

Employment in the country has rose by 4.67 crore to 64.33 crore (provisional) in the fiscal year 2023-24, compared to 59.67 crore in 2022-23, as shown in the RBI’s Measuring Productivity at the Industry Level - The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M), and Services (S)] database.

In the year ending 2022-23, employment in the country was 57.75 crore, up from 56.56 crore in 2021-22, according to RBI data.

The database covers 27 industries comprising the entire Indian economy. It also provides estimates at broad sectoral levels (agriculture, manufacturing, and services) and at the all-India level.

According to the same report, the unemployment rate (UR) in urban areas has decreased from 6.8 per cent during January–March 2023 to 6.7 per cent in January–March 2024 for persons aged 15 years and above.

The female unemployment rate has also 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 increased 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 Worker Population Ratio (WPR) for 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.

In a good sign, the Female Worker Population Ratio in urban areas also rose from 20.6 per cent in January–March 2023 to 23.4 per cent in January–March 2024.