ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer: Definition: Labour force participation rate is defined as the section of working population in the age group of 16-64 in the economy currently employed or seeking employment. People who are still undergoing studies, housewives and persons above the age of 64 are not reckoned in the labour force.

Detailed explanation-2: -The labour force, or currently active population, comprises all persons who fulfil the requirements for inclusion among the employed (civilian employment plus the armed forces) or the unemployed.

Detailed explanation-3: -Labour Force-It refers to the number of persons actually working or willing to work. It does not depend upon the wage rate and is measured in terms of number of days. Workforce-It refers to the number of persons actually working.

Detailed explanation-4: -Labor force, total in India was reported at 476670190 in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. India-Labor force, total-actual values, historical data, forecasts and projections were sourced from the World Bank on February of 2023.