In December 2023, formal job creation in India saw a modest uptick, with new monthly subscribers to the Employees’ Provident Fund (EPF) reaching 840,584, a 10% increase from November. Notably, young adults aged 18-28 constituted 67.17% of new subscribers, indicating a resilient labor market. The Centre for Monitoring Indian Economy also reported a slight improvement in December’s unemployment rate, dropping to 8.7% from 8.9% in November, primarily driven by rural areas where unemployment decreased to 7.97%. Urban unemployment, however, saw a slight increase to 10.08%. However, female participation dipped to 24.8%, down from 26.3% in November. EPF coverage typically includes formal sector workers and it is important to note that EPF data does not fully capture informal or gig economy employment, which is significant in India.

Source : Business Standard