Economic Survey 2024: Unemployment among youth declined from 17.8% to 10% in five years

Economic Survey 2024: Youth Unemployment Plummets to 10% from 17.8% Over Five Years

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: July 23, 2024

Summary: According to the survey, India must generate 7.85 million non-farm jobs annually by 2030.

On July 22, Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2023–24 to both Houses of Parliament. Under the direction of India's Chief Economic Advisor (CEA), the Economics Division of the Department of Economic Affairs of the Finance Ministry prepares the Economic Survey, a thorough assessment or annual report of the Indian economy for the closing fiscal year.

The Economic Survey 2023–24 states that despite global challenges, the Indian economy is doing well. However, the poll also addresses the nation's economic problems, such as agriculture, job development, productivity, skills, and foreign uncertainty.

The annual increase in employment needed to support the rising working-age population, the increasing number of women entering the workforce, and the labor migration from agriculture are estimated. Following that, it is suggested that the agro-processing industry is a productive, decentralized area for job generation.

One of the survey's most significant findings is that, since the COVID-19 pandemic, the annual unemployment rate for people over 15 has been going downward. According to the poll, there has been a decrease in the young unemployment rate from 17.8% in 2017–18 to 10% in 2022–2023 due to a rise in youth labor force participation.

According to the report, among workers, 18.3% work as unpaid employees in domestic businesses, and 57.3% of the workforce is self-employed.

The worker-to-population ratio (WPR) and the labor force participation rate (LFPR) both rise in unison with this decrease. Urban and rural areas show signs of job recovery, even when subjected to the strict requirements of the current weekly status (CWS).

In light of emerging issues like artificial intelligence (AI), which may end up being the "biggest disruption for future work," India must generate 7.85 million non-farm jobs annually until 2030 to accommodate its expanding labor force. This was stated in the Budget-eve Economic Survey 2023–24, which was presented in Parliament on Monday.