(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelIndia's unemployment rate declined to its lowest level of 3.1% in 2023 from 3.6% in the previous year. In contrast, female labour force participation crossed the 40% mark for the first time, according to government data released Monday.The decline in unemployment corresponds with India recording a stellar growth during the year.A significant reason for the drop in unemployment rate was decline in urban unemployment. Urban unemployment declined to 5.2% in 2023 compared with 5.9% in the previous year. In contrast, male unemployment declined to 3. The decline was much starker in urban areas than in rural areas.

Source: Economic Times March 05, 2024 01:20 UTC