India's unemployment figures look low, because a large number of working age Indians have simply lost the hope of finding work.
India's unemployment figures look low, because a large number of working age Indians have simply lost the hope of finding work. If India's labour force participation rate matched the global average, 64 crore people would have looked for work. Instead only 45 crore are part of the greater labour force, and only 39 crore have work. That means our real unemployment rate is about 39%, which is five times the official number.