Home / Economy / Economic Survey: Unemployment rate down to 7.2% in Jul-Sep 2022 vs 8.3% in Jul-Sep 2019

Mumbai: Labour markets have recovered beyond pre-pandemic levels, propelled by a decline in unemployment, indicated the Economic Survey for 2022-23 on Tuesday. The improvement in employment rates can be attributed to  schemes targeting  manufacturing, MSMEs. The study said that the increase in women workforce, the decline in school drop outs will aid in socio-economic development.

"Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, as observed in supply-side and demand-side employment data. Quarterly urban employment data shows progress beyond pre-pandemic levels as the unemployment rate declined from 8.3% in July-September 2019 to 7.2% in July-September 2022," said the Economic Survey.

The study highlighted that net addition to Employees' Provident Fund Organization (EPFO) is "steadily moving upward after swiftly rebounding from Covid-19", with a larger chunk coming in from the youth. The government attributed the year-on-year decline in monthly demand for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) work on the growth of agricultural economy and a "swift bounce-back" from the pandemic.

"The noticeable rise in Rural Female Labour Force Participation Rate (FLFPR) from 19.7% in 2018-19 to 27.7 % in 2020-21 is a positive development," said the Survey.

According to quarterly employment survey conducted by the Labour Bureau, manufacturing had 122.5 lakh employees, education came in second with 69 lakh, and IT/BPO employed 38.3 lakh people during January-March 2022.

There has also been an uptick in higher education which includes the rise in women opting for higher studies. According to the Survey, the total enrolment in higher education has increased to nearly 4.1 crore in FY21 from 3.9 crore in FY20. Since FY15, there has been an increase of around 72 lakh in enrolment (21%). The female enrolment increased to 2.0 crore in FY21 from 1.9 crore in FY20.

Number of medical colleges in the country have risen from 387 in 2014 to 648 in 2022 and the number of MBBS seats have increased from 51,348 to 96,077. Number of Indian Institutes of Technology (IITs) and Indian Institute of Management (IIMs), respectively stand at 23 and 20 in 2022 against 16 and 13 in 2014. Indian Institutes of Information Technology (IIITs) numbered 25 in 2022 against 9 in 2014. In 2014, there were 723 universities in the country, which now stand at 1,113.

Devina Sengupta
Devina Sengupta reports on the shifts in India Inc’s workplaces, HR policies and writes about the developments at India’s biggest conglomerates. Her stories over the last decade have been picked up and followed by Indian and international news outlets. She joined Mint in 2022 and previously worked with The Economic Times and DNA-Money.
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