As India gears up for its Lok Sabha elections, it's important to look back to understand how far we have come. The following article analyzes key issues such as unemployment, poverty, and infrastructure development trends in India from 2014 till now.

Unemployment in India - what has changed so far?

Unemployment is one of the key issues in India. Political parties often come up with manifestos and lucrative promises to reduce unemployment, but data tells a different story. To understand it better, let us focus on who can be considered practically unemployed. Any individual aged 16 and above actively seeking employment and is available to work full time in the last four weeks is unemployed. Here’s a table stating the unemployment rate percent from 2014 to 2024. The unemployment rate percent has declined in comparison to 2022 and 2023.

Data source - Centre for Monitoring Indian Economy (CMIE)

How is the unemployment rate calculated?

To understand the above data better, it is important to understand how the unemployment rate is calculated. In India, it is calculated using the following formula:

Unemployment Rate = Number of unemployed individuals/ civilian labor force

Factors affecting the unemployment rate

The unemployment rate in India since the last decade has been affected by many factors including demonetization, the introduction of Goods and Services Tax (GST), the Covid-19 Pandemic, and high inflation rates. Also, the issue of underemployment makes the situation alarming. Lack of skill-oriented courses and obsession with government jobs also contribute to the situation. Despite efforts, there is a lot more that needs to be done to cater to this issue for the most populated country across the globe.

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