Indian’s Unemployment Rate: Center for Monitoring Indian Economy (CMIE) has released unemployment figures in India. According to this data, the unemployment rate in India has increased rapidly in March, which has reached a three-month high. This unemployment has come to the fore at a time when employees are being retrenched at the global level including India. Many big companies have laid off people and this figure may increase further.
The unemployment rate in the country increased to 8.30 percent in December 2022, but came down to 7.14 percent in January. According to the CMIE data released on Saturday, unemployment has increased again in February and it has increased to 7.45 percent. On the other hand, according to the new data of March, the unemployment rate in India is at a high level of 7.8 percent.
According to CMIE data, the unemployment rate in India’s urban areas has reached 8.4 percent in March, while unemployment in rural areas is 7.5 percent. CMIE Managing Director Mahesh Vyas told PTI that in March 2023, India’s labor market has deteriorated. The biggest reason for increasing unemployment is the large layoffs in the country, which is 39.8 percent.
Decline in workforce
Mahesh Beas told that due to the decline in labor market conditions, the employment rate has fallen from 36.9 percent in February to 36.7 percent in March. The workforce has also declined from 409.9 million to 407.6 million during this period.
Which state has highest unemployment
According to March data, unemployment was the highest in Haryana at 26.8 percent. After this, it has reached 26.6 percent in Rajasthan, 23.1 percent in Jammu and Kashmir, 20.7 percent in Sikkim, 17.6 percent in Bihar and 17.5 percent in Jharkhand.
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