A market is vital for developing effective policies that promote inclusive economic growth and social stability. India's labour market is experiencing significant transformations driven by technological advancements, demographic shifts, and global economic changes. Analysing these trends and shifts is essential to understanding their impact on employment patterns, wage structures, and job security. By scrutinising key aspects such as workforce participation rates, sectoral employment changes, and the informal economy, policymakers can identify both challenges and opportunities within the labour market. For instance, gaining insights into gender disparities can help design targeted initiatives to enhance workforce inclusivity and equity. A thorough analysis of India's labour market trends and shifts lays the groundwork for crafting strategic policies that address the primary causes of income inequality and poverty, fostering a more resilient and prosperous economy for all.
According to the Periodic Labour Force Survey (PLFS) covering August 2022-July 2023, the unemployment rate was recorded at 3.2 per cent for individuals aged 15 and above. Over the years, the country's unemployment rate has steadily declined from six per cent in 2017-18. However, this decrease has been accompanied by a rising share of self-employed individuals, including house help, own account workers, and employers.
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