The world is surprised to see the rapid increase in employment opportunities in India.

Discussing about the Indian Sanatan culture, according to the Vedas, Puranas and traditions written in India, it has been considered the duty of the king to make such arrangements that employment is available to every citizen living in his state. As long as Indian Sanatan culture was followed in India, employment remained available to almost all the citizens. In ancient India, there were ample employment opportunities available especially in villages and there was very little migration towards cities. There is no description of the problem of unemployment in the ancient scriptures of India. Employment was available to all the citizens and they were able to support all the members of their family and lived with all the family members with happiness and enthusiasm. Whereas amidst today’s circumstances, at the global level, the problem of unemployment is emerging as a major problem.

Following the Indian Sanatan culture, today India is moving rapidly on the path of economic progress. Today the Indian economy has become the fastest growing economy among almost all the major economies of the world. In the year 2014, Indian economy was at 10th place in the world, which has reached 5th place today and looking at the progress of Indian economy, it is now expected that before the year 2027-28, India’s economy will become a 5 trillion US dollar economy. And it will also become the third largest economy in the world after America and China. In India, the Central Government is continuously making efforts to not only grow the country’s economy at a fast pace but also create more and more new employment opportunities for the youth in India. From this point of view, good news has now come in India. In India, in the month of August 2023, 46.21 crore citizens were employed, whereas in August 2022, only 43.02 crore citizens were employed, thus, employment has been provided to 3.19 crore citizens during one year. Labor Force Survey is conducted every year in the country (between July-June annual period) since 2017 by the National Sample Survey Office of the Central Government to know the situation of unemployment and employment in urban and rural areas of India. Is. Recently, this survey work has been completed between July 2022 and June 2023. In the report released in this regard, many good facts have emerged about the employment situation in India.

In India, the Labor Force Participation Rate among citizens aged 15 years and above is continuously improving incomparably. The labor force participation rate in rural areas has increased from 50.7 percent in 2017-18 to 60.8 percent in 2022-23, while in urban areas it has increased from 47.6 percent in 2017-18 to 50.4 percent. Similarly, this rate in men has increased from 75.8 percent in the year 2017-18 to 78.5 percent in the year 2022-23 and in women this rate has increased from 23.3 percent in the year 2017-18 to 37 percent in the year 2022-23.

Similarly, in India, there is an incomparable improvement in the Worker Population Ratio among citizens aged 15 years and above. The employee population ratio in rural areas of India has increased from 48.1 percent in 2017-18 to 59.4 percent in 2022-23, while in urban areas this ratio has increased from 43.9 percent in 2017-18 to 47.7 percent in 2022-23. It is done. This ratio among men has increased from 71.2 percent in the year 2017-18 to 76 percent in the year 2022-23 and among women this ratio has increased from 22 percent in the year 2017-18 to 35.9 percent in the year 2022-23.

When there is a continuous improvement in the labor force participation rate and employee population ratio in the country, then naturally the unemployment rate in India is also visible. According to the said survey, the unemployment rate in rural areas of India was 5.3 percent in the year 2017-18, which has come down to 2.4 percent in the year 2022-23. At the same time, the unemployment rate in urban areas has come down from 7.7 percent in the year 2017-18 to 5.4 percent in the year 2022-23. The unemployment rate among men has decreased from 6.1 percent in 2017-18 to 3.3 percent in 2022-23, while the unemployment rate among women has decreased from 5.6 percent in 2017-18 to 2.9 percent in 2022-23. Has been.

Even today in India, more than 60 percent of the population lives in rural areas. Therefore, if new employment opportunities are being created in large quantities in rural areas, then it is a very good improvement. Similarly, if the unemployment rate among men in India is decreasing significantly, then Indian women will have to enter the labor market and this is also seen to be happening, hence this is also a great improvement. If women power enters the labor market in India, then the wage rates in India can also be kept balanced, which will prevent the sharp increase in the cost of products and the products manufactured in India will be able to remain competitive at the international level for a long time.

-Prahlad Sabnani

Retired Deputy General Manager

state Bank of India

K-8, Chetakpuri Colony