Unemployment rates falling for 3 years through 2020-21

The Economic Survey document on Tuesday showed labour markets in India have recovered beyond pre-Covid levels, with unemployment rates falling during the three financial years through 2020-21. “Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, with unemployment rates falling from 5.8 per cent in 2018-19 to 4.2 per cent in 2020-21,” it said. The survey document states that while the pandemic impacted both labour markets and employment ratios; however, with sustained efforts in the last few years and quick response after the pandemic, and quick vaccination helped. “Over time, there is a visible trend towards bigger factories employing more than 100 workers, their numbers rising by 12.7 per cent from FY17 to FY20, compared to a broadly constant number of smaller factories,” the government said in a release after the survey was tabled. Union Finance Minister Nirmala Sitharaman today tabled the Economic Survey for 2022-23 in Parliament on the first day of the Budget Session. The Economic Survey document, formulated under the supervision of the chief economic adviser V Anantha Nageswaran, gave insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year. The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms in next financial year 2023-24. “The actual outcome for real GDP growth will probably lie in the range of 6.0 per cent to 6.8 per cent, depending on the trajectory of economic and political developments globally,” the Economic Survey survey read. Budget 2023, which is to be presented on Wednesday, is likely to be the last full Budget of the Modi government in its second term with the next Lok Sabha election.