India's Employment Landscape: Trends and Growth Insights
| Aspect | Details |
|---|---|
| Unemployment Rate | Decreased from 6% (2017) to 3.2% (2024) |
| Worker Population Ratio (WPR) | Increased from 46.8% (2017-18) to 58.2% (2023-24) |
| Employment Growth | Grew by 36%, adding 170 million jobs (2016-17 to 2022-23) |
| Economic Growth (GDP) | Averaged 6.5% during 2016-17 to 2022-23 |
| Economic Survey 2023-24 | Real GDP projected to grow by 8.2% in FY 2023-24 |
| Sectoral Growth (FY 2023-24) | Manufacturing grew by 9.9%, Mining & Quarrying by 7.1% |
| Female Employment | Female labor force participation increased due to supportive policies |
| Youth Unemployment | Decreased from 17.8% (2017-18) to 10% (2022-23) |
| Gig Economy | Expected to reach 23.5 million workers by 2029-30 |
| Sectoral Employment Trends | Agriculture employs 45% of the workforce; manufacturing and services are growing |
| EPFO Payroll Growth | Net additions increased from 61.1 lakh (FY 2019) to 131.5 lakh (FY 2024) |
| Consumption-Driven Growth | Rising consumption directly linked to job creation |
| Key Economic Data | Nominal GDP grew by 9.6%, Real GVA by 7.2% in FY 2023-24 |
| Real GDP (2023-24) | Estimated at ₹173.82 lakh crore |
| Important Reports | Observer Research Foundation challenged the "jobless growth" narrative |