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Fall in jobless rate forecast

Rate of unemployment is expected to fall below 5 pc in the 11th Five Year Plan, as the projected rise in job opportunities would be more than the anticipated increase in the labour force.

delhi Updated: Feb 29, 2008 00:57 IST
Sutirtho Patranobis

The rate of unemployment is expected to fall below 5 per cent in the 11th Five Year Plan, as the projected rise in job opportunities would be more than the anticipated increase in the labour force, the Economic Survey of 2007-08 forecast on Thursday.

It added that the “demographic dividend” of having a working age group of 15-64 years has been increasing steadily from 2006. From 62.9 per cent in 2006, the projection is that working age group population would go up to 68.4 per cent in 2026.

“For actual tapping of this demographic dividend, the 11th Plan relies upon not only ensuring proper health care but also a major emphasis on skill development and encouragement of labour intensive industries,’’ the survey said.

On the issue of employment generation, the survey said 58 million job opportunities would be created in the next five years. “The projected increase in total labour force during the Plan is 45 million,” it said.

Also the dependency ratio (the ratio of dependent to working age population) was expected to decline. It was expected “to decline sharply to .59 by 2011.”