Employment rate rises 6% provisionally in FY24 from 3.2% in FY23: RBI data

The Reserve Bank of India’s data revealed a significant increase in employment, with the country’s employment rate growing by 6% in the fiscal year 2023-24, reaching 64.33 crore from 59.67 crore in 2022-23. The Periodic Labour Force Survey (PLFS) indicated a decrease in the urban unemployment rate from 6.8% in January-March 2023 to 6.7% in January-March 2024. Female unemployment also declined from 9.2% to 8.5% during the same period. Additionally, the Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR) in urban areas showed an upward trend, reflecting overall positive employment growth.