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India's unemployment rate to decline 97 basis points by 2028: ORF Report
Updated On: 16 April, 2024 03:27 PM IST | New Delhi | PTI
"With a GDP growth rate of 7.8 per cent, India could potentially achieve its target of becoming a USD 5-trillion economy by 2026-27, with such growth being underpinned by strong private consumption and public investment," it said
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India`s unemployment rate is likely to decline by as much as 97 basis points by 2028 as the country`s economy hits the USD 5 trillion mark, fuelling a rise in employment, a new report said on Tuesday. Unemployment rate -- the percentage of people in the labour force who are without jobs -- is projected to fall from 4.47 per cent in 2024 to 3.68 per cent in 2028, the India Employment Outlook 2030 report by thinktank Observer Research Foundation (ORF) said.
"India`s job market is experiencing a transformation as the country has become the world`s fastest growing large economy in the aftermath of the Covid-19 pandemic," the report said. The country`s young population, whose median age is 28.4 years, holds a key to fuelling economic expansion.
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