NEW DELHI: India’s unemployment rate fell to 5.2% in July from 5.6% in the previous month, the statistics ministry said on Monday, as rural hiring picked up ahead of the festival season and on agricultural activity.
The jobless rate among those aged 15 years and above in rural areas fell to 4.4% from 4.9% in June, while it rose in urban areas to 7.2% from 7.1% in June, the data showed.
Among urban youth aged 15 to 29 years, unemployment increased to 19.0% in July from 18.8% in June. In rural areas, the youth jobless rate declined to 13% from 13.8% in the previous month. It was 13.7% in May.
The unemployment rate for the April-June period, the first quarter of current fiscal year, was estimated at 5.4% among those aged 15 years and above, the ministry said.
India’s federal government has announced plans to cut its goods and services tax by October, after rising tensions with the United States over steep tariff hikes announced by President Donald Trump on Indian goods, in a bid to shore up local manufacturing and support jobs.
The labour force participation rate (LFPR) - the share of people aged 15 years or more working, seeking work or available for work in the population - rose to 54.9% in July from 54.2% in June, the ministry said.
S&P Global Ratings on Thursday upgraded India’s long-term sovereign credit rating to ‘BBB’ from ‘BBB-’, the first upgrade in 18 years, citing strong economic growth, improved monetary policy credibility, and sustained fiscal consolidation.
India’s real GDP growth averaged 8.8% between fiscal 2022 and 2024, the highest in Asia-Pacific, and is projected to grow at 6.8% annually over the next three years.
Comments
Comments are closed for this article.