Unemployment Data: Unemployment reached its highest level in two years in October, news of concern for the government before the elections!

Unemployment Data: Unemployment reached its highest level in two years in October, news of concern for the government before the elections!

Unemployment Data of October: Just before the assembly elections of 5 states to be held this month, a bad news has come for the Central Government. Private research firm CMIE has claimed that unemployment in India has reached its highest level in 2 years in October 2023. Unemployment has increased more in rural areas of the country. The effect of which is visible on the overall unemployment rate. According to the report published in Business Standard, Center for Monitoring Indian Economy Limited has informed through its data that the unemployment rate has reached 10.05 percent in October. Whereas in September, 2023 the unemployment rate was around 7.09 percent. 

Unemployment rate reaches highest level in two years

It is worth noting that the unemployment rate in October has become the highest since May 2021. The unemployment rate in its rural areas has increased from 6.20 percent to 10.82 percent. At the same time, due to new jobs coming in the cities, this rate has fallen to 8.44 percent.

Monsoon has affected

Due to the bad mood of monsoon this year, the crops of many things like sugar, rice and wheat have been adversely affected. Due to this, the Government of India has imposed many restrictions to control the prices of these things in the country. Due to low production, farming activities in rural areas have been affected. At the same time, a boom is being seen in manufacturing in urban areas. In such a situation, opportunities for new jobs are increasing in cities. It is noteworthy that the Government of India releases annual data on unemployment every year. According to the data released by the government, the unemployment rate in the country has been 3.2 percent in the financial year 2022-23.

News of concern for the government!

This month there are assembly elections in five states Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana and Mizoram. In such a situation, these unemployment figures just before the elections can increase the concern of the government. The thing to note is that according to experts, India’s GDP is likely to grow at the rate of 6 percent, but even then new jobs for the youth are not being created at that pace. In such a situation, this can become a big issue in the upcoming elections.

Earlier, IT companies like Infosys and Wapro, which provide employment to youth on a large scale in the country, had said to stop the process of new recruitments this year. In such a situation, a job crisis has arisen for thousands of new engineering students passing out from college. The problem of unemployment in the country has been a big issue for a long time and this data of CMIE is clearly indicating this.

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