Unemployment rate among countries. Guess where's India?


This is recent data published by OECD from either 2015 Quarter 3 or the latest available figure from these countries. You can see India is having one of the lowest unemployment rates, next only to Japan. But Japan is a developed economy that has a shrinking workforce and a much smaller working population. So this is good news for India.

Although we must not forget in actual numbers we still have a large number of unemployed as our workforce population is huge. With India predicted to grow at 7.5-8% in coming years, the unemployed number is expected to go down further.

OECD states "Unemployment rate is low in India due to the lack of income support systems in the form of unemployment insurance or assistance, and a large pool of rural population engaging in subsistence farming as well as informal employment in both rural and urban areas."

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OECD also makes it clear that "The harmonised unemployment rates displayed in the chart define the unemployed as people of working age who are without work, are available for work, and recently have taken specific steps to find work. The uniform application of this definition results in estimates of unemployment rates that are more internationally comparable than estimates based on national definitions of unemployment which sometimes differ. The indicator displayed in the chart is the number of unemployed people expressed as a percentage of the total labour force and it is seasonally adjusted. The labour force is defined as the total number of people who are unemployed plus those in employment. The information used to calculate these harmonised unemployment rates comes from national labour force surveys which interview a large and nationally representative sample of households and enquire about the employment status of all working-age members of those households.”

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