NEW DELHI, July 29 : Union Labour Minister Mansukh Mandaviya announced on Monday that there is no need for concern about job losses, as the country’s unemployment rate is projected to fall below 3% in the near future. Currently at 3.2%, the unemployment rate has decreased from 6% in the 2017-18 period, thanks to employment generation under Prime Minister Narendra Modi’s government, Mandaviya stated during Question Hour in the Lok Sabha.
Mandaviya highlighted that the labour force participation rate has increased to 44% from 38% in 2017-18, while the work-population ratio has risen to 40% from 31% during the same period. In response to supplementary questions, he reiterated that the unemployment rate, which was 6% in 2017-18, has fallen to 3.2% and is expected to drop further to below 3%.
“There is no need for concern about job losses, and there is no lack of jobs,” Mandaviya emphasized.
