Women's Labor Force Participation Reaches Record High of 24% in Q2FY24, Unemployment Trends Shift

The second quarter of FY24 witnessed a historic surge in women’s labor force participation, reaching an all-time high of 24%, according to official data. While this is a positive development, deeper analysis reveals nuances in the employment landscape for women.

Unemployment Landscape:

Overall Unemployment Rate: The overall unemployment rate remained steady at 6.6%, with a marginal increase in men’s unemployment to 6% from the previous quarter’s 5.9%.
Women’s Unemployment Rate: Notably, the women’s unemployment rate dipped below 9% for the first time in five years, reflecting a positive trend.

Urban Unemployment Trends:

Women’s Urban Unemployment: In urban areas, the women’s unemployment rate further declined to 8.6% in Q2FY24, showing improvement compared to the 9.1% recorded in the previous quarter.

Economic Growth Context:

Despite these positive trends in the labor market, there are indications that the Indian economy may have experienced a slowdown in the second quarter. The projected growth rate is 6.7%, as per a median estimate from an Economic Times poll, down from the 7.8% acceleration in the first quarter of FY24.

Quality of Jobs Concerns:

Shift in Job Composition: While the unemployment rate for women has decreased, concerns arise about the quality of jobs. An analysis by Economic Times indicates a shift in the composition of women in the workforce.
Regular-Wage Jobs: The share of women in regular-wage jobs declined to 52.8% in the July-September period, down from 54% in the previous quarter, signaling a potential decrease in stable employment opportunities.
Rise in Casual and Self-Employed Work: Conversely, the share of women engaged in casual work rose to 6.9%, and those in the self-employed category increased to 40.3%, highlighting a trend toward more precarious forms of employment.
Comparison with Q1FY24: In contrast to the first quarter of FY24, where the share of women in regular-wage work was 39.2%, the recent data suggests a significant decline in the proportion of women in stable employment.

Questions Related to Exams

Q1: What is the women’s labor force participation rate in the second quarter of FY24?

A: The women’s labor force participation rate reached a record high of 24% in Q2FY24.

Q2: Has there been any change in the overall unemployment rate during this period?

A: The overall unemployment rate remained unchanged at 6.6% in Q2FY24, with a slight increase in men’s unemployment to 6% from 5.9%.

Q3: How does women’s unemployment compare to previous years?

A: Women’s unemployment rate declined to below 9% in Q2FY24, marking the first time it has dropped to this level in five years.

Q4: What is the trend in women’s labor force participation over the past quarters?

A: There is a positive trend, with the women’s labor force participation rate increasing from 23.2% in the previous quarter to the current record high of 24%.

Q5: What is the projected economic growth for India in Q2FY24?

A: The Indian economy is expected to have slowed down in the second quarter, with a projected growth rate of 6.7%, down from 7.8% in the first quarter.

Find More News on Economy Here