The impact was compounded by a concomitant decline in the labor force participation rate, which fell from 39.9 percent to 39.8 percent.
New Delhi: The unemployment rate in the India stood at about 8 percent in March 2023. Which is highest in last three months. According to a statement released by the Center for Monitoring Indian Economy (CMIE) on last week, the country's unemployment rate was 8.3 percent in December last year. Then in January and February the unemployment rate was 7.14 percent and 7.45 percent respectively. However, in March it increased to 7.8 percent, the highest in the last quarter of the financial year 2022-23.
The unemployment rate was 8.4 percent in urban areas and 7.5 percent in rural areas in March, the CMIE report said. Mahesh Vyas, Managing Director of CMIE, told the news agency that India's labor market has declined in March 2023. The unemployment rate edged up to 7.8 percent in March from 7.5 percent in February.
The impact was compounded by a concomitant decline in the labor force participation rate, which fell from 39.9 percent to 39.8 percent. Due to which the employment rate fall from 36.9 percent in February to 36.7 percent in March. In terms of numbers, it fell to 407.6 million in February from 409.9 million in February.
The states with the highest unemployment rate are Haryana (26.8 per cent), Rajasthan (26.4 per cent), Jammu and Kashmir (23.1 per cent), Sikkim (20.7 per cent), Bihar (17.6 per cent) and Jharkhand. (17.5 percent). Other hand, Unemployment was the lowest in Uttarakhand and Chhattisgarh (0.8 per cent each), followed by Puducherry (1.5 per cent), Gujarat (1.8 per cent), Karnataka (2.3 per cent) and Meghalaya and Odisha (2.6 per cent each).
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