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Wednesday, February 21, 2024

Unemployment Rate in India Dipped by 1.2% between 2017 and 2020: Centre

For the previous three years, the unemployment rate for graduates has been nearly steady, Minister of Labor and Employment Bhupender Yadav said

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Transcontinental Times Staff
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INDIA: According to Minister of Labor and Employment Bhupender Yadav, the unemployment rate in India has decreased by 1.2 percent from 2017-18 to 2019-20.

In response to a question from Bharatiya Janata Party lawmaker Debasree Chaudhuri, Yadav made the statement by citing data from the Periodic Labour Force Survey (PLFS). Chaudhuri wanted to know if the central government was aware of the high unemployment rate among India’s youth, both graduates and non-graduates.

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“According to the data, the unemployment rate on a regular basis for people aged 15 and up has decreased for all educational levels, except for graduates.” 

“For the previous three years, the unemployment rate for graduates has been nearly steady,” Yadav said in a written statement.

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In 2019-20, the unemployment rate fell to 4.8 percent, down from 5.8 percent in 2018-19. In 2017-18, the unemployment rate for graduates was 6%, but it increased to 17.2% in 2019-20, up from 16.9% in 2018-19.

He said there has been an increase in the rate of employment because the administration has taken “satisfying and proper” steps to address it during Question Hour in the Lok Sabha.

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If the PLFS and another survey done by the labor bureau are matched with payroll data from the workers’ provident fund organization (EPFO), an increase in the employment rate, as well as employment opportunities, can be noticed.

He credited multiple schemes and other programs implemented by the Union government under various ministries and departments for the “rise” in the employment rate and chances.

Yadav also listed some of these schemes, including Make in India, Atal Mission for Rejuvenation and Urban Transformation, National Smart Cities Mission, PM Awas Yojna, PM Gati Shakti, and Swaccha Bharat Abhiyan.

According to figures from the Centre for Monitoring Indian Economy, India’s jobless rate reached a six-month high of 8.10 percent in February, up from 6.57 percent and 7.91 percent in January and December, respectively (CMIE).

According to the CMIE figures, this was the highest since August of last year (8.3%).

Also Read: High Rate of Unemployment and Out-of-School-Children Responsible for Security Threats in Nigeria: NBTE Executive Secretary


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