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- Between January and December 2024, surveys were conducted across 6,982 villages and 5,767 urban blocks. The Periodic Labour Force Survey (PLFS), initiated by the National Sample Survey Office (NSSO) in 2017, aims to provide timely estimates on key employment and unemployment indicators.
- Objectives of PLFS:
- To deliver quarterly estimates of employment and unemployment indicators for urban areas using the Current Weekly Status (CWS)—which considers the activity status of individuals over the 7 days prior to the survey.
- To provide annual estimates for both rural and urban regions, using both Usual Status (based on the primary and secondary economic activities over the past 365 days) and CWS.
- Key Highlights of the Survey
- Current Weekly Status (CWS):
- Labour Force Participation Rate (LFPR): Held steady at 56.2%.
- Worker Population Ratio (WPR): Remained mostly unchanged, from 53.4% to 53.5%.
- Unemployment Rate (UR): Decreased slightly from 5.0% to 4.9%.
- A noticeable decline in the number of unpaid helpers in household enterprises, especially in rural areas, appears to have contributed to a slight drop in both LFPR and WPR among rural females.
- Usual Status (Principal + Subsidiary Activities):
- LFPR: Marginal decrease from 59.8% to 59.6%.
- WPR: Slight decline from 58.0% to 57.7%.
- Unemployment Rate: Rose modestly from 3.1% to 3.2%.
- The Monetary Policy Committee (MPC) comprises six members — three from the RBI and three appointed by the Central Government.
- Key Decisions from the MPC Meeting:
- Repo Rate Cut: The policy repo rate was reduced by 25 basis points to 6%, aiming to encourage lending and investment.
- Policy Stance Change: RBI shifted its stance from "neutral" to "accommodative", signaling potential further rate cuts to increase money supply.
- Context: The move responds to rising global economic uncertainty, especially due to trade tensions impacting financial markets.
- Other RBI Initiatives:
- Co-Lending Framework: A draft was proposed to expand co-lending rules to cover all loans, not just priority sector loans, and include all regulated entities.
- UPI Transaction Limits: The NPCI will now set limits on UPI person-to-merchant transactions in consultation with stakeholders.
- Regulatory Sandbox Update: RBI will make the sandbox framework both theme-neutral and open for continuous applications ("on-tap") to foster ongoing financial innovation.