India's labour market undergoing structural transformation, latest survey data misinterpreted: SBI Research

The recently released sixth annual PLFS report from the NSSO gauging unemployment rates across rural and urban areas for pan-India as also states with different levels revealed a significant decline in the unemployment rate from 6.1 per cent in FY18 to 3.2 per cent in FY23, with an accompanying increase in Labour Force Participation Rate from 36.9 per cent to 42.4 per cent, with the Female Labour Force Participation Rate far outstripping the overall gains.