New Delhi: India’s demographics are in a favourable position, with the country expected to add at least 179 million people to its working-age population by 2045, which could be a significant tailwind for economic growth, especially as demographics in several parts of the world (including China) deteriorate, according to a new report.
Currently, India’s working-age population is around 961 million, and the unemployment rate is at a five-year low.
According to global investment firm Jefferies, India’s working-age population (ages 25-64) is growing as a proportion of the total population, which will benefit savings and investments.
A rise in female labour force participation rates (LFPR) has begun in India, which will be a crucial driving force for labour force expansion, along with demography.
According to Jefferies’ recent analysis, labour force expansion is likely to decline to 6 million by 2030, although a shift away from agricultural jobs will cover the gap.
According to August data issued by the Ministry of Statistics, the LFPR in India’s urban regions among those aged 15 and up increased from 48.8 percent in April-June 2023 to 50.1 percent in April-June this year, indicating an increase in employment in the country.
According to the data, the LPFR for females aged 15 and above in urban areas rose from 23.2% in April-June last year to 25.2% in April-June this year.
Another employment indicator, the worker population ratio (WPR), increased in urban areas among people aged 15 and up, from 45.5% in April-June 2023 to 46.8% in April-June 2024.
According to RBI figures, employment increased by almost 17 crore during the last ten years. Employment in the country climbed to 64.33 crore in 2023-24 from 47.15 crore in 2014-15.
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–IANS
