Unemployment Rate in India [Updated]

Unemployment is a big problem in India that affects the country’s economy. India has a huge population with a diverse workforce, so changes in the unemployment rate have a big impact on the country’s growth. In this article, we will have a look at the latest unemployment rate in India and we will also learn how unemployment rate is calculated. Watch Video Below 👇

Last 10 years Unemployment Rate in India 2024

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• Net Profit of all Private Banks in 2023-24
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• 60,000 Employees Reduction in Govt Banks in last 5 years, Check Data

How is the Unemployment Rate Calculated?

The formula used to calculate the current unemployment rate in India is as follows:

• Unemployment Rate = Number of Unemployed Persons / Civilian Labor Force

Alternatively, it can be calculated as:

• Unemployment Rate = Number of Unemployed Persons / (Number of Employed Persons + Number of Unemployed Persons)

To be classified as unemployed, an individual must meet specific criteria:

• They must be at least 16 years old and available to work full-time in the last four weeks.
• They should be actively seeking employment during this period.
• Some exceptions include individuals who are temporarily laid off and actively looking to rejoin their previous jobs.