Indian women power employment growth in robust labor market, says survey
The overall growth of employment in India has seen an increase in the worker population ratio from 56 percent during the period of 2022-23 to 58.2 percent during 2023-24, according to figures released by the Finance Ministry through the September economic review. However, one vital factor is female participation, which has also gone up.
Female labour force participation on the rise
According to the review, the Periodic Labour Force Survey 2023-24 indicates that the labor market has been inundated by more women, who make up the majority of the employment increase. The number of self-employed people has also increased, and casual laborers have decreased, a six-year trend. Additionally, the percentage of regular wage and salaried workers slightly increased, which is a good thing.
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Industry-wise, the structure of employment was the same. Agriculture increased a bit, and construction decreased from 13% to 12%. Manufacturing stood at 11.4%.
According to the survey, "increasing self-employment as well as agriculture need a gender lens, where labour force participation of women rises while adding to the over long-term trend and men's workforce trend is flat for self-employment, whereas declining for agriculture"
The labour market outlook also continues to be strong
The labour market is healthy. EPFO reported 930,000 new members added in August 2024. The rise is characterised by 59.3% of new enrollments in the age group 18-25 years and thus, many young people are getting a foothold in organized work.
The purchasing managers' employment sub-index is also holding up well. At a time when manufacturing jobs appear to be softening at times, it has recorded the seventh consecutive month for which the sub-index remained positive or in the expansionary zone.
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