Is the world's 4th-largest economy taking care of unemployment?
India is poised to become the world's fourth-largest economy by the end of 2025. But, is the country handling its unemployment menace equally well? The World Economic Outlook April 2025 report by the International Monetary Fund, which showed how India's economy will progress ahead, also showed that joblessness is decreasing in the country. In fact, India is better placed than countries like Brazil, China, Canada, Italy, France, etc. in this area.advertisementUNEMPLOYMENT IN INDIAIndia, the world's most populous country with 144 crore people, has been consistently lowering its unemployment rate. From 8.9 per cent in 2018, unemployment nearly halved to 4.9 per cent in 2024. Notably, the IMF's estimates match those of the Ministry of Statistics and Program Implementation's Periodic Labour Force Survey.
Unemployment cannot be discussed without looking at the labour force participation rate (LFPR). If people leave the labour market, the unemployment rate will automatically come down. However, this doesn't seem to be the case with India.India's LFPR is also on the rise, which means that more people are entering the labour market and more are getting jobs. It rose from 48.4 per cent in 2018 to 56.4 per cent in 2024.With an improving employment situation, India is ahead of many of its peers. Against a 4.9 per cent unemployment rate in India, South Africa recorded 32.8 per cent, Spain 11.4 per cent, Turkiye 8.7 per cent, France 7.4 per cent, Brazil 6.9 per cent, Canada 6.4 per cent, and China 5.1 per cent.advertisementMeanwhile, the government has recognised small and medium enterprises as one of the greatest sources of employment generation and has been adding support to MSMEs in the Union Budgets in recent years.'Beyond their economic contributions, these MSMEs have generated substantial employment opportunities, providing jobs to over 25.18 crore individuals. This extensive employment generation underscores the sector's crucial role in driving economic development and enhancing social stability by offering livelihoods to millions across the country,' the Ministry of MSME said following the Union Budget this year. The budgetary outlay of the Ministry of MSME rose from Rs 7,011 crore in FY20 to Rs 17,307 crore in FY25.Tune InTrending Reel
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