Unemployment in India highest in 5 years
The rate of unemployment in India has shot up to 5% in fiscal year 2015-16 and is the highest it has ever been in 5 years. More than 7.8 lakh people in 1.6 lakh homes spanning the country were surveyed between April and December 2015. The survey, known as the Employment-Unemployment (EU) survey, was carried out by the Labour Bureau of India.
The Employment-Unemployment survey carried out by the Labour Bureau of India is an annual household survey. This is the fifth EU survey report.
According to the survey, jobs offered in urban areas pay more than the ones offered in rural areas. 82% of job-seekers have job security in the urban areas, whereas in the rural areas, only 52% people find job security. Average monthly income between the two lifestyles also varies with rural households earning less than Rs.10,000 and urban households earning between Rs.10,000-50,000.
The percentage of unemployment seen in female workers shot up to 8.7% in FY 2015-2016. It stood at 7.7% in the year 2013-2014. Female unemployment in urban areas stood at 12.1% in comparison with 3.3% for males and 10.3% for transgenders. Unemployment rate for male and female youth between 18-29 years old stood at 11.3% and 20% respectively.
Labour force participation rate (LPFR) refers to the number of days in a year that a person is employed for. As per the EU survey 2015-2016, LPFR was estimated at 50.3%. For males, the LPFR went up from 74.4% in 2013-2014 to 75% in 2015-2016. Female LPFR reduced down to 23.7% in 2015-2016 from 25.8% in 2013-2014.
India's unemployment rate was 3.8% in 2011-2012, 4.7% in 2012-2013 and 4.9% in 2013-2014.