Unemployment rate will drop below 3%, no concern for job losses: Mandaviya | Economy & Policy News

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.

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.

2014 के पहले दुनिया की डेटा की बात होती थी। जब से श्री @NarendraModi जी की गवर्नमेंट है तब से देश में डाटा जनरेशन की सुविधा हो, इस पर काम किया गया है। देश में अनएम्प्लॉयमेंट रेट 6% से कम होकर 3.2% हुआ है और भविष्य में 3% से भी कम होगा। pic.twitter.com/zZKD8AOywg

— Dr Mansukh Mandaviya (@mansukhmandviya) July 29, 2024

The recent Economic Survey for 2023-24 released last week corroborated these positive trends, showing that the unemployment rate fell to 3.2 per cent in 2022-23. The survey noted significant improvements in Indian labour market indicators over the past six years. Particularly noteworthy is the decrease in the youth unemployment rate, which dropped from 17.8 per cent in 2017-18 to 10 per cent in 2022-23. This decline has been accompanied by an increase in both the labour force participation rate (LFPR) and the worker-to-population ratio (WPR).