India employment rate increases to 36.9% in March quarter, up from 36.6% in December

India’s employment rate has shown a marginal improvement in the March quarter, with an increase of 0.3% from the previous quarter, according to the latest data released by the Centre for Monitoring Indian Economy (CMIE). In March 2023, India’s employment rate rose to 36.9%, up from 36.6% in December 2022, while the number of unemployed individuals decreased by nearly two million, underscoring the fact that many people were able to obtain jobs.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Recent Trends In labor market in India:

The labor market in India has experienced a positive change, with more than 15 million individuals joining the workforce in the past three quarters. Out of these, over 11.2 million people were able to secure employment, indicating a larger number of willing workers finding work.

During the last quarter of 2022-23, the labor market in India exhibited weakness, as per the latest data. The labor participation rate (LPR) declined from 40.5% in December to 39.8% in March 2023. While the unemployment rate saw a small decrease from 8.3% to 7.8% during this period, the employment rate saw a substantial decline.

The employment rate fell from 37.1% in December 2022 to 36.7% by March 2023, indicating a decline in the number of people employed. These figures suggest that the labor market in India is facing challenges, and there is a need for policy interventions to create more job opportunities and improve employment rates.

You may also read this:

Retail inflation moderates to 5.66% in March from 6.44% in February

Find More News on Economy Here