Fresh figures from the National Statistical Office confirm India’s unemployment rate remained at 4.8 percent for December 2023, a level that underscores steady progress in employment generation.
The data, drawn from the PLFS urban and rural surveys, shows balanced recovery across demographics. Males saw 4.2 percent unemployment, females 6.1 percent—still a gap, but narrowing with initiatives like MUDRA loans.
Key drivers include festive season hiring spikes and public sector undertakings’ recruitment drives. MSMEs, contributing 45 percent of exports, ramped up operations, adding millions of jobs.
On the flip side, educated unemployment hovers at 13 percent, prompting calls for aligning curricula with industry needs. States like Uttar Pradesh and Maharashtra led in absolute job creation.
Forecasts from NITI Aayog suggest sub-4 percent rates by mid-2024, fueled by PLI schemes and green energy transitions. This stability bolsters consumer confidence and stock market sentiment.
In essence, December’s data paints an encouraging picture of India’s demographic dividend at work, urging continued reforms for equitable prosperity.