According to the Economic Survey 2025, what was the unemployment rate in India for 2023-24?

The correct answer is 5.2%.

Key Points

• According to the Economic Survey 2025, the unemployment rate in India for the financial year 2023-24 was recorded at 3.2%.
• This is a significant improvement compared to earlier years, indicating better employment opportunities and economic recovery post-pandemic.
• The data in the Economic Survey is based on the Periodic Labour Force Survey (PLFS), which is conducted by the Ministry of Statistics and Programme Implementation (MoSPI).
• The unemployment rate measures the percentage of people in the labor force who are willing to work but are unable to find jobs.
• A lower unemployment rate is often seen as an indicator of a growing and stable economy.

Additional Information

• Periodic Labour Force Survey (PLFS):
  • Introduced in 2017 by the Ministry of Statistics and Programme Implementation (MoSPI) to provide reliable employment and unemployment data.
  • It measures key labor market indicators such as Worker Population Ratio (WPR), Labour Force Participation Rate (LFPR), and Unemployment Rate (UR).
  • The PLFS is conducted quarterly in urban areas and annually in rural areas.
• Unemployment Rate:
  • The unemployment rate is calculated as the ratio of the number of unemployed individuals to the total labor force, expressed as a percentage.
  • It is a critical indicator of economic health and reflects the availability of jobs in the economy.
  • Factors influencing unemployment include economic growth, industrial development, and government policies.
• Impact of COVID-19 on Employment:
  • The pandemic initially caused widespread job losses, especially in sectors like hospitality, tourism, and retail.
  • However, government initiatives such as Atmanirbhar Bharat and Make in India have helped boost job creation and economic recovery.
• Government Measures to Reduce Unemployment:
  • Pradhan Mantri Kaushal Vikas Yojana (PMKVY): Aims to provide skill training to increase employability.
  • Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): Provides guaranteed wage employment to rural households.
  • Start-Up India: Encourages entrepreneurship and innovation to generate employment.