India, which surpassed China to become the most populous nation in the world last April, recently received some wonderful news. The country, which currently has a population of 1.4 billion but has struggled with unemployment for a long time, saw its unemployment rate decline to 3.2%, the lowest level in at least five years, per the Periodic Labour Force Survey (PLFS) 2022-23. Additionally, both the labour force participation rate and worker-population ratio have increased.
More recent PLFS data for the July-September 2023 quarter also showed a similar picture with the unemployment rate in urban areas stagnant at 6.6% from a high of 12.6% in April-June 2022.
“India does not have a jobs problem, but a wages problem,” says Manish Sabharwal, Co-founder & Vice Chairman of TeamLease Services, a leading staffing services provider. “The government must have a strategy to ensure at least 2.5-3 million high-quality jobs annually that pay more than `50,000 per month are created,” adds Mohandas Pai, Chairman of Aarin Capital and former Infosys CFO, in agreement.
This story is from the February 18, 2024 edition of Business Today India.
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This story is from the February 18, 2024 edition of Business Today India.
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