The Economic Survey for 2023-2024, tabled on Monday, showed that although the trend of labour market indicators has been very encouraging during the last six years, the unemployment rate has come down to 3.2 per cent in 2022-23.
It also pointed out that a workforce of around 565 million across various sectors in India is distributed as follows: more than 45 per cent are engaged in agriculture, 11.4 per cent in manufacturing, 28.9 per cent in services, and 13 per cent in the construction sector.
The Survey opines that the Indian economy needs to generate almost 7.85 million jobs per annum in the non-farm sectors to absorb the additional workforce.
The Survey, tabled in Parliament ahead of the presentation of Union Budget for 2024-2025, pointed out, "Government has rolled out several initiatives to promote employment, self-employment, and welfare of workers." It said that the rising youth and female participation in workforce was indeed a challenge but equally an opportunity to reap demographic and gender dividend.
Though the services sector remains a major source of employment, construction has acquired some importance in recent times as the government undertook programs for expanding infrastructure. As construction jobs are largely informal and low-paying, the Survey calls for new opportunities for the workers shifting away from agriculture.
UN estimates indicate that the country's working-age population, broadly the 15-59 years segment, will continue to rise till 2044. Already, nearly 51.25% of the youth are claimed to be employable-an improvement from roughly 34% about a decade back.
The increasing number of candidates appearing for the government-sponsored skill development initiative reflects serious commitment to the 'Skill India' initiative.
It also sets out some of the key policy priorities for the near to medium term: jobs and skills, realizing potential from agriculture, addressing the challenges of MSMEs, managing the green transition, managing relations with China, promoting the corporate bond market, and reducing inequality and improving youth health.
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