India's unemployment rate in December is the highest in 2022

Unemployment rate of India

According to data by the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate on December 20 reached 9 percent on a 30-day moving average basis. It was 8 percent in November.

Unemployment rate means number of people willing to work and not being able to find a job, as per CMIE.

Average unemployment rate in 2022

Over the past 12 months, the unemployment rate has averaged at 7.4 percent, within a 6.4 percent to 8.3 percent range, according to CMIE.

Unemployment rate in urban and rural areas of India

It is important to note that the unemployment rate even touched 10 percent in urban areas and 8.5 percent in rural India, on a 30-day moving average basis, as of December 20, 2022.

“The unemployment rate in rural India remains slightly more volatile than in urban India

in spite of the MGNREGA scheme that provides jobs to the rural unemployed,” said Mahesh Vyas, managing director and CEO, CMIE.

Haryana has the highest unemployment rate

Among all states in India, Haryana has the highest unemployment rate - 30.6 percent in November 2022. This was followed by Rajasthan (24.5) and Jammu and Kashmir (23.9).

Chhattisgarh had the lowest unemployment rate

As per the CMIE data, Chhattisgarh had the lowest unemployment rate among all states in India in November this year — at 0.1 percent, followed by Uttarakhand (1.2) and Odisha (1.6).

Formal job creation also fell in October

As per Employees' Provident Fund Organisation, formal job creation fell from 1.68 million in September to 1.29 million in October, this year. This was the third lowest addition in the current fiscal year.

However, there was a marginal growth in terms of formal job creation

this year as compared to 1.27 million last year in October.