Unemployment rate for persons aged 15 years and above fell to 3.2% in FY23

New Delhi: India's estimated unemployment rate for individuals aged 15 years and above fell to 3.2% in fiscal year 2023 (FY23), a significant decline from 6% in FY18, according to the labour ministry. The ministry's numbers are based on the latest Annual Periodic Labour Force Survey (PLFS) report and highlights a notable increase in employment over the years, accompanied by a steady decrease in the unemployment rate.

For the 15+ age group, the unemployment rate saw a consistent decline from 5.8% in FY19 to 4.8% in FY20, 4.2% in FY21, 4.1% in FY22, and reaching 3.2% in FY23. Meanwhile, the worker-population ratio for the same demographic rose from 47.3% in FY19 to 50.9% in FY20, 52.6% in FY21, 52.9% in FY22, and 56% in FY23.

The report also highlighted the unemployment rate for youth aged 15-29 years, which stood at 10% in FY23, down from 17.8% in FY18. This age group's unemployment rate showed a gradual reduction from 17.3% in FY19 to 15% in FY20, 12.9% in FY21, and 12.4% in FY22.

"As per the Reserve Bank of India’s (RBI) latest KLEMS data, employment in the country increased to 64.33 crore in the year 2023-24 compared to 47.15 crore in 2014-15. Total increase in employment during 2014-15 to 2023-24 is about 17.19 crore," the ministry said in a statement.

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Additionally, the Union Budget for 2024-25 announced a package of five schemes and initiatives aimed at facilitating employment, skilling, and other opportunities for 41 million youth over a five-year period, with a central outlay of ₹2 trillion.