Unemployment Rate has consistently decreased
As per the report of the Periodic Labor Force Survey (PLFS), jobs and employment opportunities have seen a consistent uptrend in the past 6.5 years of the Modi government.
The growth parameters in terms of jobs, postings, and employment opportunities have risen while the Unemployment Rate (UR) has consistently decreased.
This has been found under three key jobs data pools including – PLFS, EPFO, and National Career Service (NCS).
Various tools of PLFS including the Labor Force Participation Rate (LFPR) and Worker Population Ratio (WPR) have logged consistent rises over the past 6 years while the Unemployment Rate (UR) chart shows a constant decline.
The positive trend over the years, offers hope in ‘gloomy times’, as reiterated by the opposition parties.
The LFPR, defined as the percentage of persons in the labor force, was recorded at 49.8 percent in the financial year 2017-18 and this rose to 57.9 percent in FY 2022-23.
Similarly, WPR, defined as the percentage of employed persons in the population, was recorded at 46.8 percent in FY 2017-18, which in turn rose to 56 percent in FY 2022-23.
During the same period, the unemployment rate dropped from 6 percent to 3.2 percent. The labor market trend for female workers also shows a positive trend.
LFPR, for women workers, was recorded at 23.3 percent in FY 2017-18, which rose to 37 percent in FY 2022-23 while WPR saw a rise from 22 percent to 35.9 percent for the same period.
The unemployment rate for women workers also saw a decline from 5.6 percent to 2.9 percent in the period from 2017-2023.
The comprehensive set of data has been shared by the Bluekraft Digital Foundation CEO on his X handle.
As per the Employment Provident Fund Organization (EFPO) data, a total of 6.1 crore individuals joined formal jobs during the past 6.5 years.
National Career Service (NSC) records say that over 1 crore job postings were offered in FY 2023-24 alone.
Notably, the Employee Provident Fund (EPF) was the only tool to measure jobs data, however, with many tools launched under the Modi dispensation, one gets a fair account of the rise and fall in jobs data, over the years.
PLFS was launched by National Sample Survey Office (NSSO) in April 2017 for collating labour force data at regular intervals while National Career Service (NCS) was launched in 2015 to replace the then Employment Exchanges and equipped with the I-T-enabled careers services, for easy and quick service.
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