(MENAFN- KNN India) New Delhi, Dec 2 (KNN) Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha on Monday that India has recorded a significant decline in both unemployment and inflation, supported by targeted government interventions.

In written reply to a question in the Upper House, he said the all-India annual unemployment rate for individuals aged 15 and above (usual status) fell from 6 per cent in 2017–18 to 3.2 per cent in 2023–24.

Retail inflation, measured by the Consumer Price Index (CPI), also eased considerably from an average of 5.4 per cent in 2023–24 to 4.6 per cent in 2024–25, the lowest level in six years.

It moderated further to 1.9 per cent during April–October 2025. While economic theory suggests that high unemployment may reduce wage pressures and dampen inflation, the Minister noted that India's inflation–employment dynamic is influenced by structural labour market features, supply-side factors and government policy actions.

The Government has undertaken several steps to control inflation and stabilise prices of essential commodities.

These include maintaining buffer stocks of key food items, releasing them periodically into the market, revising stock limits to curb hoarding, and distributing essential food items at subsidised rates under the Bharat brand.

The Government has also periodically reduced LPG retail prices. Recent measures targeting the pulses and edible oil markets include the launch of the Pradhan Mantri Dhan-Dhaanya Krishi Yojana and the Self-Reliance in Pulses Mission, with a combined investment of Rs 42,000 crore to upgrade rural infrastructure and support farmers.

Additionally, Rs 13,890 crore worth of pulses and oilseeds procurement at MSP has been approved for Uttar Pradesh and Gujarat under PM-ASHA.

The Vegetable Oil Products Production and Availability (Regulation) Amendment Order, 2025, effective from August 1, seeks to address supply-demand gaps in edible oils.

To create jobs and enhance employability, the Government continues to implement a wide range of schemes, including Prime Minister's Employment Generation Programme (PMEGP), Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM), Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY), Rural Self Employment Training Institute (RSETIs), Deendayal Antyodaya Yojana - National Urban Livelihoods Mission (DAY-NULM), Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), Stand-up India, Start-up India, Pradhan Mantri Mudra Yojana (PMMY), Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

It has also approved the Employment Linked Incentive Scheme, the Pradhan Mantri Viksit Bharat Rozgar Yojana, to boost job creation and strengthen social security.

The National Career Service (NCS) portal further provides a unified platform for career-related services.

Chaudhary stated that the combination of price-control measures, employment programmes and broader macroeconomic reforms has contributed to an environment of lower inflation and declining unemployment.

These efforts, he said, have improved labour-market resilience, supported domestic manufacturing and eased supply-side pressures in the economy.

(KNN Bureau)

MENAFN02122025000155011030ID1110426770