Migrant workers at a construction site in Kochi, Kerala. The image is an image. | | Photo credit: Thulasi Kakkat
The 2022-2023 economic survey, which was submitted to parliament on Tuesday, said a revitalization of the real estate sector along with improved construction activity has created jobs and encouraged the return of migrant workers to the cities.
This is considered important given the unemployment due to lockdown restrictions sometimes imposed in different parts of the country during different waves of the pandemic since March 2020.
The survey points to a sustained recovery in economic activity during the 2022-23 fiscal year.
Economic research highlights that vaccination has facilitated the return of migrant workers on construction sites to cities, as the recovery in consumption has had knock-on effects on the housing market.
Meanwhile, overstock in the housing market has decreased significantly, dropping from 42 months last year to 33 months in Q3 FY2023 (October to December).
It also said that Mahatma Gandhi’s National Rural Employment Guarantee Scheme provides direct employment in rural areas and indirectly creates opportunities for rural households to diversify their income sources.
Programs such as PM-Kisan and PM Garib Kalyan Yojana have helped ensure food security in the country, it said.
The research highlights that growth is inclusive if it creates jobs.
Both official and unofficial sources, as the Periodic Labor Force Survey (PLFS) shows that the urban unemployment rate for people over 15 has fallen from 9.8% in the quarter ended September 2021. said it confirmed an increase in employment levels this fiscal year. After one year (quarter ending September 2022), it will be 7.2%.
This was accompanied by an improvement in the labor force participation rate, confirming that the economy had recovered from the pandemic-induced slowdown in early FY23, it said.