‘India’s unemployment at record low’

India’s unemployment rate is at a record low and the country’s labour market is undergoing a structural transformation, an SBI report said on 14 November, 2023. In the new report, “India’s unemployment rate is at a record low, India’s labour market is undergoing a deep structural transformation with self-entrepreneurship across all echelons and higher educational attainment emerging as key enablers,” the SBI research report said.

The government’s emphasis on entrepreneurship through the Prime Minister’s Mudra Yojana (PMMY) and post pandemic schemes like PM-SVANidhi for those at the bottom of the pyramid is “imparting a structural transformation in labour markets in India through the formalisation of credit for such family enterprises”, the report said.

Earnings have increased across all categories, the report said, adding that with primary subsistence needs like food, shelter, and medical needs being taken care of by the government through free ration for 80 crore people, PMAY and Ayushman Bharat, apart from additional state schemes, such people are making a clear trade-off between earnings and working in family enterprises.