The unemployment rate for February is highest in India in last two years, revealed a report by Centre for Monitoring Indian Economy (CMIE).
According to CMIE report, in February 2019, the unemployment rate in India increased to 7.2 percent which is significantly higher than that of February last year (5.9 percent). It was the highest since September 2016.
While the Indian government is stepping up efforts to curb unemployment, a new report has revealed worrying numbers on the unemployment rate in India.
According to CMIE Head Mahesh Vyas, the number of employed professionals in 2019 is 400 million lower than the 406 million employed persons last year during the same time period.
Citing an estimated fall in the labour participation rate, Vyas said, “The downward projection is regardless of the narrowing figures in terms of job seekers and labour participation in the country, he added.”
CMIE has drawn the figures in its report after surveying tens of thousands of households across the country.
CMIE also released an analysis report in January this year which stated that the demonetisation has had a great impact on unemployment in India. The report also revealed that introduction of Goods and Services Tax (GST) in 2017 was one of the major reasons for job loss of nearly 11 million people of which 85 percent were from rural India.