NEW DELHI, Feb 1: The Economic Survey 2024-25 has identified key initiatives such as the PM Internship Scheme and public-private partnerships to boost skill development and vocational training, aiming to create a globally competitive and industry-ready workforce. These measures are part of a broader effort to enhance employability in international job markets.
The Periodic Labour Force Survey (PLFS) shows positive employment trends in India, with the unemployment rate decreasing significantly from 6 percent in 2017-18 to 3.2 percent in 2023-24. The labour force participation rate and worker population ratio have also seen improvement, signaling a strengthening job market.
In addition, formal employment has seen notable growth, with net additions to EPFO subscriptions rising from 61 lakh in FY19 to 131 lakh in FY24. Notably, 61 percent of these additions came from individuals under 29 years of age, indicating a shift towards youth employment in the organized sector.
The Annual Survey of Industries (ASI) for FY23 recorded a 7 percent increase in employment over the previous year, adding over 22 lakh jobs compared to pre-pandemic levels in FY19. Additionally, the Female Labour Force Participation Rate (FLFPR) has risen sharply, from 23.3 percent in 2017-18 to 41.7 percent in 2023-24, reflecting increased female participation in economic activities.
Government programs like Mudra Yojana, Skill India, Start-Up India, and Stand-Up India have contributed to entrepreneurship, skill training, and self-employment. These initiatives are helping foster a more inclusive workforce, with special measures to support women entrepreneurs through easier access to credit, marketing assistance, and skill development programs.
The Economic Survey also highlights the importance of achieving a balanced income distribution between capital and labour to sustain long-term demand and corporate growth.
