Google News
logo
Daily Current Affairs
India's Unemployment Rate Drops to ____ in 2023
A)
2.7%
B)
3.1%
C)
3.9%
D)
4.4%

Correct Answer :   3.1%


In 2023, India witnessed a significant decline in its unemployment rate, reaching 3.1%, marking the lowest figure in the past three years. This notable drop is attributed to several factors, including the recovery from the COVID-19 pandemic and increased economic activity following the relaxation of lockdown measures.

Key Findings from the Periodic Labour Force Survey (PLFS) for 2023 :

* Overall Unemployment Rate : Decreased to 3.1% from 3.6% in 2022 and 4.2% in 2021.
* Gender Disparities : Unemployment rate among females declined to 3%, while for males it dropped to 3.2%.
* Urban vs. Rural Disparities : Urban unemployment rate decreased to 5.2%, rural rate dropped to 2.4%.

* Labour Force Participation Rate (LFPR) in Urban Areas : Increased to 56.2%, indicating greater engagement in economic activities.
* Impact of Economic Growth : The decline in unemployment coincided with an economic growth rate of 8.4% in the third quarter of 2023-24 fiscal year, driven by robust performances in manufacturing, mining & quarrying, and construction sectors.

Economic Growth Outlook :

* Third Quarter Performance : Indian economy grew by 8.4% in Q3 of 2023-24 fiscal year, showcasing strength across various sectors.
* National Statistical Office (NSO) Estimates : NSO’s second advance estimate pegged the country’s growth at 7.6% for the entire fiscal year 2023-24, reflecting a positive trajectory from earlier projections.

Published On : March 7, 2024
Advertisement