By Manoj Kumar
NEW DELHI (Reuters) – The unemployment rate for Indians fell to 5.2% from 5.6% last month, with the Bureau of Statistics on Monday saying rural recruitment won a campaign ahead of the festive season and in agricultural activities.
The data showed that in June, the unemployment rate for people aged 15 and older fell to 4.4% from 4.9% in June, while in June, up to 7.1% in June.
Among urban youth aged 15 to 29, the unemployment rate in July increased to 19.0% from 18.8% in June. In rural areas, youth unemployment rate fell to 13% from 13.8% last month. May is 13.7%.
The ministry said the unemployment rate during the April-June period in the first quarter of the current fiscal year is estimated to be 5.4% of the population aged 15 and above.
India’s federal government announced plans to cut GST in October, after announcing a huge tariff hike from President Donald Trump on Indian goods to increase local manufacturing and support efforts.
Labor Force Participation Rate (LFPR) – The Ministry said the Labor Force Participation Rate (LFPR) is the share of people over the age of 15 who seek to work or work in the population – rose to 54.9% in July from 54.2% in June.
S&P Global Ratings upgraded India’s long-term sovereign credit rating to “BBB-” for “BBB” on Thursday, the first upgrade in 18 years, citing economic growth, increased credibility in monetary policy and continued fiscal consolidation.
India’s true GDP growth averaged 8.8% between fiscal 2022 and fiscal 2024, the highest in the Asia-Pacific region, with an estimated annual growth of 6.8% over the next three years.
(Reported by Manoj Kumar; Editor of Sharon Singleton)
