The survey stated that the annual unemployment rate (UR) for individuals aged 15 years and above has steadily declined from 6% in 2017-18 to 3.2% in 2023-24. Also, the quarterly urban UR for people aged 15 years and above has dropped from 6.6% in Q2 FY24 to 6.4% in Q2 FY25. The labour force participation rate (LFPR) also increased from 49.3% to 50.4%, and the worker-to-population ratio (WPR) rose from 46% to 47.2% during the same period.
The survey said the proportion of self-employed workers in the workforce has risen from 52.2% in 2017-18 to 58.4% in 2023-24. While the share of workers (male and female) in regular/salaried jobs decreased from 22.8% to 21.7% during the same period, the trend has stabilised since 2020-21.
The decline in casual workers, from 24.9% to 19.8%, also indicates a shift towards more structured forms of self-employment.
In urban areas, salaried employment for women decreased from 52.1% to 49.4%. The bulk of the drop occurred in 2020-21, when it fell to 50.1% from 54.2% the year before.
According to the 2023-24 annual Periodic Labour Force Survey (PLFS), the agriculture sector remains dominant in employment, with its share rising from 44.1% in 2017-18 to 46.1% in 2023-24. The share of industry and services sectors saw declines in employment share, with manufacturing falling from 12.1% to 11.4%, and services from 31.1% to 29.7% during the same period.
The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy. The document also provides an overview of the short-to-medium-term prospects of the economy.
