India’s unemployment rate fell to 7.09 per cent in September 2023, the lowest since September 2022.
The joblessness rate in the population 15 years and above was 6.43 per cent in September 2022 and 8.1 per cent in August 2023, according to data from Centre for Monitoring Indian Economy.
“If we look at the overall picture, I see no reason for a gloomy outlook for employment. We are seeing heightened economic activity. There is significant work going on towards infrastructure development and the construction sector is doing relatively well.
"The monsoon deficit is not a significant concern at the moment because there is a lag effect. The service sector is tricky and has its own dynamics but the retail sector is seeing positive activity ahead of the festive season,” said K.R. Shyam Sundar, adjunct professor, organisational behaviour and human resource management in the faculty of Management Development Institute (MDI), Gurgaon.
The improving job numbers also comes at a time gig roles are seeing early shoots of a notable uptick.
“The drive to enhance efficiency and productivity across these (gig) sectors underscores an anticipated 25 per cent increase in demand for gig and temporary roles. In the span of just July to August, we have already observed more than 70,000 job openings within these sectors and we foresee this trend persisting until December 2023,” said Sachin Alug, CEO of NLB Services.
