New Delhi: The Economic Survey for 2023-24 stated that the Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce.
The urban unemployment rate for ages 15+ dropped to 6.7 per cent in March 2024 from 6.8 per cent the previous year. The youth unemployment rate fell from 17.8% in 2017-18 to 10% in 2022-23, with increasing formal employment among youth.
India’s workforce is estimated at 56.5 crore in 2022-23: 45% in agriculture, 11.4% in manufacturing, 28.9% in services, and 13% in construction, the survey mentioned. India’s annual unemployment rate has been declining since the COVID-19 pandemic, with rising labour force participation and worker-to-population ratio, it further stated.
The Economic Survey was tabled in Parliament today. It provided a broad estimate of the number of jobs that the economy has to generate.
India needs to generate 78.5 lakh jobs
The survey further noted that every individual in the working age will not look for jobs. Some of them will be self-employed and some of them will be employers too.
The Economic Survey highlighted that there would be a significant drop in share of agriculture in the workforce that will gradually decline from 45.8 per cent in 2023 to 25 per cent in 2047.
“Consequently, the Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce,” the Survey said.
The demand of 78.5 lakh jobs in the non-farm sector per year, can be met by supplementing the existing schemes of PLI (60 lakh employment generation over 5 years), MITRA Textile scheme (20 lakh employment generation) and MUDRA, etc., it suggested.
The Indian Labour market witnesses improvement in last six years with the unemployment rate declining to 3.2 per cent in 2022-23, the Economic Survey mentioned. The country has witnessed improvement in the labour market indicators in last six years, as per the Periodic Labour Force Survey (PLFS) data, with the unemployment rate declining to 3.2 per cent in 2022-23.
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