Buoyancy in the real estate sector along with improved construction activities created jobs and facilitated the return of migrant workers to cities, the Economic Survey for 2022-23 tabled in Parliament on Tuesday said.
This assumes significance in view of loss of jobs due to lockdown restrictions imposed in various parts of the country from time to time amid different waves of pandemic since March 2020.
The survey points towards sustained recovery in the economic activities during 2022-23 fiscal year.
The Economic Survey underscores that vaccinations have facilitated the return of migrant workers to cities to work in construction sites as the rebound in consumption had a ripple effect on the housing market.
Meanwhile, the inventory overhang in the housing market witnessed a significant decline and fell to 33 month in Q3 of FY23 (October-December) from 42 months last year, it noted.
It also said that the Mahatma Gandhi National Rural Employment Guarantee scheme has been directly providing jobs in rural areas and indirectly creating opportunities for rural households to diversify their sources of income generation.
Schemes like PM-Kisan and PM Garib Kalyan Yojana have helped in ensuring food security in the country, it stated.
The survey emphasized that growth is inclusive when it creates jobs.
It said both official and unofficial sources confirmed that employment levels have risen in the current financial year, as the periodic labour force survey (PLFS) shows that urban unemployment rate for people aged 15 years and above declined from 9.8 per cent in the quarter ending September 2021 to 7.2 per cent one year later (quarter ending September 2022).
This was accompanied by an improvement in the labour force participation rate as well confirming the emergence of the economy out of the pandemic induced slowdown early in FY'23, it stated.