Unemployment rate in India (2008 to 2024): Current rate, historical trends and more
What is the current unemployment rate in India? How about the unemployment rate in the last ten years? Let's find out
Unemployment is a critical issue that continues to challenge the economic landscape of India. As one of the world's most populous nations with a diverse workforce, fluctuations in the unemployment rate have far-reaching implications for the country's growth and development. So, what is the current unemployment rate in India?
According to the India Employment Report 2024, created jointly by the Institute for Human Development and the International Labour Organisation (ILO), India's working population increased from 61 percent in 2011 to 64 percent in 2021, and it is projected to reach 65 percent in 2036. However, the percent of youth involved in economic activities declined to 37 percent in 2022. Continued vigilance and effective policy measures remain crucial to foster sustainable job growth and secure the nation's future prosperity. In this blog, we discuss the current unemployment rate in India a little more in-depth, along with the unemployment rate in the last ten years. The Current Unemployment Rate in India:
According to the latest data from the Centre for Monitoring Indian Economy (CMIE), an independent think tank, the unemployment rate in India stood at 7.8 percent in September 2024, a decline from 8.5 percent in August 2024. The labour participation rate fell from 41.6 percent to 41 percent, and the employment rate fell from 38 percent in August to 37.8 percent in September.
But according to the Periodic Labour Force Survey (PLFS) data released by the Labour Bureau on September 23, 2024, there was no major change in the unemployment rate for the period between July 2023 and June 2024. A release by the Union Ministry of Statistics and Programme Implementation said that in rural areas, the Labour Force Participation Rate (LFPR) increased from 50.7 percent in 2017-18 to 63.7 percent in 2023-24, while for urban areas, it increased from 47.6 percent to 52.0 percent.The same statement revealed that the unemployment rate in rural areas decreased from 5.3 percent in 2017-18 to 2.5 percent in 2023-24, while for urban areas, it decreased from 7.7 percent to 5.1 percent. Also Read: 1 USD to INR: From 1947 to 2023These changing trends in labour demand and employment rates call for thoughtful policy measures to address the prevailing economic challenges and ensure sustainable growth in rural and urban areas. It highlights the importance of diversifying economic activities to create more employment opportunities and bolster the country's financial resilience. Also Read: GDP of India: Current and historical growth rate, India's rank in the world