Unemployment rate accelerated to 7.6 percent in April, says CMIE

Employment

The unemployment rate in India has accelerated to 7.6 percent up from that of 6.71 percent in March 2019, said a report released by Centre for Monitoring Indian Economy Pvt. Ltd. (CMIE). The corresponding figure is the highest since October 2016.

Unemployment data are released officially only once in every five years by the government.  But in December 2018, this data was leaked by a newspaper which showed the figures of unemployment to be 45 year high in 2017-18.

Factory activity expanded at its slowest pace in eight months in April as the growth in new orders and output dipped as the general election got under way, a survey stated.

According to a report released in January by CMIE, nearly  11 million people lost their jobs in 2018 because of the demonetization and introduction of goods and services tax (GST) in 2017.

The working age population in India increases by 23 million a year, according to CMIE.  And CMIE estimates that the Indian economy would have to provide around 0.8 million jobs every month, if 42 to 43 percent of these new labor market entrants actively seek employment.

 

 

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 9th NBFC100 Tech Summit, New Delhi and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.