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

Question

Question

This question was previously asked in

RRB NTPC Graduate Level CBT-I Official Paper (Held On: 06 Jun, 2025 Shift 1)

Answer 1

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.