The Economic Survey 2024-25 has outlined initiatives such as the PM Internship Scheme and public-private partnerships for skill development and vocational training as key measures to create an industry-ready workforce. It states that by developing a skilling ecosystem with a globally competitive workforce, India can improve employability in global job markets.
According to the Periodic Labour Force Survey (PLFS), the unemployment rate in India has decreased, with labour force participation and the worker population ratio showing improvement. The unemployment rate for individuals aged 15 years and above has declined from 6 percent in 2017-18 to 3.2 percent in 2023-24.
Net additions to EPFO subscriptions have increased from 61 lakh in FY19 to 131 lakh in FY24, reflecting a rise in formal employment. Of the total net payroll additions, 61 percent came from individuals under 29 years of age, indicating a shift toward youth employment in the organised sector.
The Annual Survey of Industries (ASI) for FY23 recorded a more than 7 percent increase in employment over the previous year, translating to an addition of over 22 lakh jobs compared to pre-pandemic levels in FY19.
Female Labour Force Participation Rate (FLFPR) has risen from 23.3 percent in 2017-18 to 41.7 percent in 2023-24, indicating increased involvement of women in economic activities across rural and urban areas.
Government initiatives such as Mudra Yojana, Skill India, Start-Up India, and Stand-Up India have contributed to entrepreneurship, skill training, and self-employment. The Economic Survey notes that increased participation of women in entrepreneurship has the potential to contribute to economic growth.
To support women entrepreneurs, the government has introduced measures such as easier access to credit, marketing assistance, skill development programs, and support for women-led startups.
The Economic Survey also emphasizes the need for balanced income distribution between capital and labour to sustain demand and corporate growth over the long term.