According to the CMIE report, the unemployment rate in the country was 8 percent in November last year. It increased to 8.3 percent in December.
New Delhi: The Center for Monitoring Indian Economy (CMIE) report was released on Sunday. It shows that the country's unemployment rate reached 8.3 percent in December. Which is highest in last 16 months.
The country's unemployment rate has been at an alarming high for the past two years. According to the CMIE report, the unemployment rate in the country was 8 percent in November last year. It increased to 8.3 percent in December. According to the same report, the urban unemployment rate was 10.9 percent in December. Which was 8.96 percent in November. However, the unemployment rate in rural areas decreased from 7.55 percent in November to 7.44 percent in December, according to CMIE's report.
CMIE's managing director Mahesh Vyas, however, explained the report to the news agency, saying the rise in the unemployment rate was "not as bad as it seems". That's because it comes on top of a healthy increase in the labor participation rate, which rose to 40.48 percent in December. This is the highest in 12 months. "Most importantly, the employment rate rose to 37.1 percent in December, again the highest since January 2022," he said. Incidentally, before the 2024 Lok Sabha elections, the biggest challenge for the Modi government is to control high inflation and create jobs for millions of youth to enter the job market. The main opposition Congress started a march from Kanyakumari to Srinagar in September. The aim is to mobilize public opinion on issues like rampant inflation, unemployment. Congress leader Rahul Gandhi told reporters on Saturday, "India needs to shift from a singular focus on GDP growth to growth with employment, youth skills and export potential and building manufacturing capacity."
According to separate quarterly data released by the National Statistics Office (NSO) in November, the unemployment rate fell to 7.2 percent in the July-September quarter from 7.6 percent in the previous quarter. According to the CMIE report, the unemployment rate in Haryana rose to 37.4 percent in December. It is followed by Rajasthan (28.5 percent) and Delhi (20.8 percent).
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