Unemployment Rate Falls to 3.2% in 2022-23 as Indian Labour Market Improves, reports Economic Survey

The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman, reveals improvements in India's labour market indicators over the past six years. The unemployment rate has declined to 3.2% in 2022-23. States like Tamil Nadu, Gujarat, and Maharashtra lead in factory employment, while Chhattisgarh, Haryana, and Uttar Pradesh see the highest employment growth. Government initiatives, such as the PLI scheme and increased capital expenditure, have boosted employment and worker welfare. The female labour force participation rate has increased due to self-employment in agriculture. Rural wages have grown, surpassing urban wage growth, with significant improvements in youth employment.