Union Labour Minister Mansukh Mandaviya assured the Lok Sabha that employment generation efforts by Prime Minister Narendra Modi has led to significant reduction in the unemployment rateUnion Labour Minister Mansukh Mandaviya assured the Lok Sabha that employment generation efforts by Prime Minister Narendra Modi has led to significant reduction in the unemployment rate
Union Labour Minister Mansukh Mandaviya reassured the public on Monday that there is no need for concern about job losses. He predicted that India’s unemployment rate would fall below 3 per cent in the near future.
“There is no need for concern about job losses,” the labour minister assured.
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Speaking during Question Hour in the Lok Sabha, Mandaviya highlighted the significant reduction in the unemployment rate. He attributed this decline to the employment generation efforts under Prime Minister Narendra Modi’s government.
“The current unemployment rate is 3.2 per cent. It came down from 6 per cent in the 2017-18 period as employment generation has taken place under the Prime Minister Narendra Modi-led government,” Mandaviya said.
Improvements in labour market indicators
Mandaviya pointed out that the labour force participation rate has increased to 44 per cent from 38 per cent in 2017-18, while the work-population ratio has risen to 40 per cent from 31 per cent over the same period. These figures indicate a healthier job market and greater employment opportunities for the workforce.
Economic Survey 2023-24 on unemployment
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The survey emphasised the recovery in employment across both urban and rural areas, even under the stringent criteria of the current weekly status (CWS).
However, the survey called on the private sector to contribute to job creation, stating that nearly eight million jobs would need to be created annually until 2036. The survey also warned against an over-reliance on capital-intensive technologies like artificial intelligence, which could potentially reduce employment opportunities.
Economy