- Despite an 8% GDP growth last year, it has not proportionally translated into job creation.
- Although the unemployment rate for people aged 15 and above dropped from 4.2% in 2021 to 3.1% in 2023, Wealth inequality has worsened, with 1% of the population owning 40% of the wealth, creating a “K-shaped” economy.
- GDP growth in 2023-24 was 8.2%, up from 7% in 2022-23, achieved through a significant budget deficit for capital expenditure rather than structural investments in key sectors.
- In agriculture, 92% of jobs are in the unorganized sector, and in industry and services, 73% of jobs are in the small- and medium-informal sectors.
- The government and formal private sector account for only 27% of jobs.
- A cohesive majority in Parliament and effective economic leadership are essential for future growth.
Dig Deeper: Read about the latest quarterly PLFS report for unemployment data.
