The State Bank of India research report indicates that India’s unemployment rate is at a record low (3.2% in FY23 from 6.1% in FY18) due to increased self-entrepreneurship and higher education. The labor market is undergoing a structural transformation with self-entrepreneurship in all sectors. The rise in self-employed individuals (57.3% in FY23) is wrongly interpreted as a signal of shrinking job opportunities. Government schemes like PMMY and PMSVANidhi are contributing to this transformation by formalizing credit. The report highlights an increase in household helpers’ share within self-employment (13.6% in 2018 to 18.3% in 2023) and a 1.3 times increase in average monthly earnings for casual workers from 2018 to 2023.
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