The unemployment rate in India 2024, is projected to hit 29%.
Recent data reveals a 4-month high at 7.9%,
raising concerns and affecting millions across sectors, demanding urgent attention.
Unemployment Rate In India 2024
Unemployment refers to a situation when a person who is able and willing to work but does not get work at the prevailing wage Rate.
Unemployment may be either voluntary or involuntary.
Employment refers to those persons who are voluntarily unemployed and may not work due to laziness or otherwise.
Unemployment in India has been high but it is expected to increase in the coming year to the Organisation of Economic Cooperates in Development (OECD).
has predicted that the unemployment rate of India will reach 29% by 2024 even if the country’s economy continues to grow at a healthy rate.
According to the data from the center monetizing Indian Economy (CMIE). The unemployment rate touched 4 4-month high of 7.9%
On December 21 recently the center monitoring team of the Indian economy released data showing the Indian unemployment rate in August 2022 rising to 8.3%
and it will increase every year in increasing order. According to reports, more than 15 million people are unemployed in India in 2024
and there are many reasons for this and it is a topic of discussion which the Government of India needs information.
Be it government field or private field unemployment is at its peak day by day.
The main types of Unemployment which prevail in developed economies are cyclic unemployment and frictional unemployment.
Types of Unemployment Rate In India 2024
Cyclic unemployment: Cyclic unemployment is the most common type of unemployment in developed capital economics.
it occurs due to cyclic fluctuation in the economy. cyclone employment is associated with the swing and depression phase of a business class.
Frictional unemployment: Frictional unemployment is a temporary phenomenon. A country may experience unemployment because
of Certain frictions or lack of adjustment between demand or supply of labor. frictional unemployment exists when
there is a lack of adjustment between the demand for and supply of the labor force.
Current Situation of Unemployment Rate in India 2024
Unemployment is a common challenge for countries worldwide, and India is no exception.
With its diverse population and changing job landscape, joblessness is a pressing issue for both leaders and citizens.
By delving into the nuances of unemployment in India, we can identify effective strategies to connect individuals with suitable employment opportunities.
In simple terms, the unemployment rate in India is projected to increase by 3% from 2017 to 2024.
Unemployment Rate in India during 2017-2024
In 2017, the unemployment rate stood at 5%, meaning 5 out of every 100 people faced unemployment during the year.
Comparatively, 2016 had a 4% rate, while 2015 saw a 4.9% rate. The numbers show a fairly steady trend, with just a 0.1% difference between 2016 and 2015.
Fast forward to May 2022, as per the National Statistical Office (NSO) report, Urban India experienced a drop in unemployment to 8.7% in October-December 2021, down from the previous quarter’s 10.3%.
In 2022, India’s unemployment rate dropped to 7.33%, marking a 0.38% decrease from the previous year.
In 2021, the rate was 7.71%, reflecting a 2.48% decline from 2020, which had a 10.20% unemployment rate—a 3.69% increase from 2019 when the rate was 6.51%,
showcasing a 1.14% decrease from 2018. and will increase every year the Unemployment rate of India 2024 inc in The Starting Phase of the Year.
Extent And Magnitude of Unemployment Rate In India 2024
Data about employed and employed persons in India are provided by census. National Sample Survey Organization (NSSO).
Employment exchanges Central Statistical Organisation (CSO) and Planning Commission.
National Sample Surve organization has evolved a standard concept and definition of unemployment these are :
Usual principal status(US): According to the usual principle status a person is unemployed if he/she has been without work for
most of the year before the survey data. this major estimates the number of people who are unemployed for relatively longer more than 6 months.
Current daily status(CS): according to current daily status a person is considered unemployed if he does not get a Work opportunity even for one hour and any one day out of each of
the seven days before the survey can be considered as a proxy for seasonal unemployment and underemployment
Causes of Unemployment Rate in India 2024
low rate of economic growth: the rate of economic growth in the economy has been rather low. rate of economic growth determines
the rate at which new jobs are created. the job opportunities created under each five-year plan have fallen short for job recruitment of growing labor forces
The low Growth rate of agriculture: A low rate of growth in the agricultural sector implies that the growth rate of employment in the agricultural sector
has been low ever productivity in agriculture continuous to be very low because of various technologies and
institutional factors such as small scattered units of cultivation inadequate capital, Outmoded Technologies, etc.
Low rate of capital formation: Low rate of capital formation has hindered the growth potential d’s in the agricultural and industrial sectors.
To agriculture and industrial sectors have been affected by the nonavailability of machinery, power, transport, and essential raw materials.
Rapid population growth: Rapid growth of the population has also added to the problem of unemployment in the country this is for
The main reason first Rapid population growth has directly added to the problem of unemployment by making large editions to the labour force.
Secondly, Voice typing Mein Rapid population growth has reduced the resources for capital formation.
Use of capital-intensive techniques: low-interest rates low tariff duties on the import of capital goods,
and various concessions given for investments depending on the imported Technology Sector have made capital-intensive techniques
relatively more attractive. capital-intensive techniques generate less employment.
Defective education system: Are education system is also responsible for the problem of unemployment. the is still based on traditional liberal lines.
it is not related to the growing development needs of the country it places more emphasis on general education rather than vocational and Technical Education.
Unemployment Rate in India 2024 State-wise
As per the latest data from CMIE in 2024, Haryana takes the lead with a concerning 29.4% unemployment rate among Indian states,
closely followed by Rajasthan at 28.3%. This poses a serious threat to the financial stability of workers and their families,
as it leaves them without a reliable source of income.
On a positive note, Chhattisgarh boasts a low unemployment rate of 0.8%, with Madhya Pradesh at 2% and Odisha at 2.1%, providing a more optimistic employment scenario in these states
Unemployment Rate in India 2024 State-wise Table
| STATE | UNEMPLOYMENT RATE IN 2024 |
|---|---|
| Andhra Pradesh | 6.6 |
| West Bengal | 4.4 |
| Uttarakhand | 2.3 |
| Uttar Pradesh | 4 |
| Tripura | 11.7 |
| Telangana | 5.8 |
| Tamil Nadu | 3 |
| Sikkim | 21 |
| Rajasthan | 28.3 |
| Punjab | 8.2 |
| Puducherry | 2.2 |
| Odisha | 2.1 |
| Meghalaya | 4.1 |
| Maharashtra | 5.6 |
| Madhya Pradesh | 2 |
| Kerala | 5.6 |
| Karnataka | 2.5 |
| Jharkhand | 16.8 |
| Jammu & Kashmir | 17.1 |
| Himachal Pradesh | 13.9 |
| Haryana | 29.4 |
| Gujrat | 2.5 |
| Goa | 11.1 |
| Delhi | 8.6 |
| Bihar | 12.3 |
| Assam | 8.6 |
| Chhatisgarh | 0.8 |
Government Efforts to Curb Unemployment Rate in India 2024
The Indian government, particularly at the local level, is actively tackling unemployment challenges.
A standout effort is the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), a unique scheme ensuring a basic standard of living by offering employment.
By March 2023, the rural development ministry reported a whopping 253.8 million people found work through MGNREGA in 2021-22.
States are also getting creative, trying initiatives like self-help groups and mandatory microcredit programs. While not perfect solutions,
they demonstrate an awareness of the issue and a willingness to experiment. The big debate centers on whether these measures are sufficient for tackling unemployment by 2024.
Some argue that large-scale industrialization is the key to generating ample jobs, while others emphasize the need for improved educational opportunities.
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How can we Stop the Unemployment Rate in India?
To Stop The Unemployment Rate in India 2024. has a few key reasons. We struggle to create enough jobs as our population keeps growing,
with over 2 million new job seekers every year. Companies are hesitant to hire on a large scale, and automation is taking over some jobs.
To fix this, it’s crucial to tackle the root causes. Instead of just spending more on mass employment schemes, we need to focus on improving education,
offering tax incentives to companies hiring more, and promoting women’s participation in the workforce. Surprisingly,
reducing population growth through family planning programs could also help by easing the pressure on the economy and creating more job opportunities for the youth.
These steps can make a real difference in solving India’s unemployment challenge.
Why is the Unemployment Rate in India 2024 so High?
Unemployment happens when people want jobs but can’t find them. These folks usually get government support while they’re looking.
The unemployment rate shows us how many people are jobless compared to everyone who’s either working or looking for work.
One big reason for unemployment is that many Indians don’t have the right education and skills for the available jobs.
Despite having lots of universities and colleges, a good number of people struggle with basic reading skills.
This poses a challenge in finding jobs for the millions graduating every year. Also, India’s population structure plays a part in the growing unemployment levels.
Conclusion:
Unemployment Rate in India 2024 is a growing concern, with predictions indicating a potential rise to 29% by 2024.
Recent data from CMIE shows a 4-month high of 7.9%, reaching 8.3% in August 2022, and an expected annual increase.
Both government and private sectors grapple with rising unemployment, affecting over 15 million people in 2024.
