Unemployment rate falls to 7.6% in March 2024

Unemployment rate in India declined to 7.6 per cent in March 2024 from 8 per cent in February 2024, according to CMIE’s Consumer Pyramids Household Survey. The unemployment rate eased in urban India as well as in rural India. Rural unemployment rate fell to 7.4 per cent in March from 7.8 per cent in February. Urban unemployment rate fell from 8.5 per cent to 8.2 per cent.

Unemployment rate dropped in March alongside a fall in labour participation rate (LPR) as well as employment rate. LPR in India inched down to 41.1 per cent in March, from 41.4 per cent in the previous month. Employment rate, which is the proportion of employed persons in the working age population, fell from 38.1 per cent to 37.9 per cent in March 2024.