Economic Survey 2023: Employment levels have risen in the current financial year

India's employment levels have risen in the current financial year, the Economic Survey for 2022-23 said on January 31, citing multiple sources.

"Employment generation is an important policy goal," Chief Economic Adviser V. Anantha Nageswaran told reporters.

The survey, tabled in the parliament by the finance minister, cited the Periodic Labour Force Survey (PLFS) which has shown that the urban unemployment rate for people aged 15 years and above declined from 9.8 percent in the quarter ending September 2021 to 7.2 percent in September 2022.

“This is accompanied by an improvement in the labour force participation rate (LFPR) as well, confirming the emergence of the economy out of the pandemic-induced slowdown early in FY23,” the survey added.

Job creation has moved into a higher orbit with the initial surge in exports, a strong release of the pent-up demand, and a swift rollout of the capex.

“Since export growth is plateauing and the pent-up release of demand will have a finite life, it is essential that capex continues to grow to facilitate employment in the economy, at least until such time the global economy rebounds and, through the export channel, provides an additional window to India for job creation,” the survey added.

The Survey has predicted economic growth in the 6-6.8 percent range for the next fiscal year against an estimated 7 percent this year.