logo
India's job market shows relief as unemployment rate falls to 5.2% in July

India's job market shows relief as unemployment rate falls to 5.2% in July

India Today5 hours ago
India's unemployment rate dropped to 5.2% in July, compared with 5.6% in June, according to the Ministry of Statistics. The fall was mainly driven by higher rural hiring ahead of the festival season and increased activity in the agriculture sector.The jobless rate in rural areas for people aged 15 years and above fell to 4.4% in July from 4.9% in June. Seasonal demand for workers in agriculture and related activities supported this improvement.In contrast, urban unemployment rose slightly to 7.2% in July from 7.1% a month earlier, showing weaker job creation in cities.Among urban youth aged 15 to 29 years, the unemployment rate increased to 19% in July from 18.8% in June, reflecting a struggle for younger job seekers in city areas. However, in rural areas, the youth jobless rate eased to 13% in July from 13.8% in June. It stood at 13.7% in May.For the April-June quarter, the unemployment rate for those aged 15 years and above was 5.4%. The data also showed an improvement in the labour force participation rate (LFPR). It rose to 54.9% in July from 54.2% in June. LFPR measures the share of people aged 15 years and above who are working, seeking work, or available for work.The government has announced that it will cut goods and services tax (GST) rates by October. The move is aimed at supporting domestic manufacturing and creating more jobs. This comes amid rising trade tensions following tariff hikes on Indian goods announced by US President Donald Trump.S&P Global Ratings last week upgraded India's long-term sovereign credit rating to 'BBB' from 'BBB-', the first such upgrade in 18 years. The agency cited strong economic growth, better credibility of monetary policy, and fiscal consolidation as reasons.India's economy has shown strong momentum. Real GDP growth averaged 8.8% between fiscal 2022 and 2024, the highest in Asia-Pacific, and is expected to grow at 6.8% annually over the next three years, according to S&P. - Ends
advertisement
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Mobile phone makers pitch for 5% GST in rate revamp to spur demand
Mobile phone makers pitch for 5% GST in rate revamp to spur demand

Business Standard

time27 minutes ago

  • Business Standard

Mobile phone makers pitch for 5% GST in rate revamp to spur demand

Industry bodies representing device makers had earlier this year petitioned the finance ministry for a shift to 12 per cent, as the government reviewed GST rate slabs Gulveen Aulakh New Delhi Listen to This Article Mobile phone makers are seeking a reduction in the goods and services tax (GST) to 5 per cent from the current 18 per cent, arguing that a cut would spur demand in a category that has remained stagnant at 150 million units a year for the past four years. Higher GST rates have strained companies' working capital and added to cost disabilities in manufacturing, weakening India's competitiveness. Industry bodies representing device makers had earlier this year petitioned the finance ministry for a shift to 12 per cent, as the government reviewed GST rate slabs. But Prime Minister Narendra Modi's August

Traders likely to keep input tax credit on old stocks in GST revamp
Traders likely to keep input tax credit on old stocks in GST revamp

Business Standard

time27 minutes ago

  • Business Standard

Traders likely to keep input tax credit on old stocks in GST revamp

The GST Council is also likely to update the tax administration system to ensure a smooth transition and shield businesses from additional costs Monika Yadav Listen to This Article As India prepares to move towards GST 2.0, the government is expected to allow businesses to carry forward accumulated input tax credit (ITC) on existing inventories to prevent companies from losing credit on goods purchased at higher rates. The GST Council is also likely to update the tax administration system to ensure a smooth transition and shield businesses from additional costs. 'As we move towards the GST overhaul, our objective is to ensure a seamless transition for businesses. Allowing the carry forward of accumulated ITC on existing inventory will safeguard companies from any tax disadvantage arising due to rate rationalisation.

Apple rings up record run in India's phone exports amid US tariff threat
Apple rings up record run in India's phone exports amid US tariff threat

Business Standard

time27 minutes ago

  • Business Standard

Apple rings up record run in India's phone exports amid US tariff threat

Listen to This Article Amid tariff disruptions and the threat of 50 per cent duties on Indian exports to the US, smartphone exports have once again broken records. In the four-month period from April to July 2025-26 (FY26), exports touched the $10 billion mark, up 52 per cent from $6.4 billion in the same period of 2024-25 (FY25), according to industry estimates. Apple Inc has led the charge despite concerns that it might slow its expansion in India. Its iPhone exports rose 63 per cent to $7.5 billion in April–July this year, compared with $4.6 billion a year ago. Apple's three vendors — Foxconn,

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store