India's unemployment rate for February highest in two years: CMIE
- The unemployment scenario in India turns bleak, with the rate rising to 7.2% in February 2019, compared to 5.9% in 2018 during the same period.
- The country has 400 million employed professionals, as of February 2019, while it was 406 million last year in February.
- Nearly 11 million people were hit by job losses in 2018 — rural India accounting for over 85%
job lossin the country.
According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in India increased to 7.2% in February 2019, compared to 5.9% last year in February. It was the highest since September 2016.
The number of employed professionals were recorded to be 400 million in 2019, compared to 406 million last year during the same time period, Mahesh Vyas, head of CMIE, told Reuters.
The downward projection is regardless of the narrowing figures in terms of
The figures drawn in the CMIE report are an outcome of tens of thousands of households across India.
The bleak scenario of unemployment will be a setback for Prime Minister Narendra Modi, considering the upcoming general elections.
However, Modi has not been relying on unemployment surveys calling them ‘skewed,’ as some of them exclude the employment in unorganised sector, which makes up for the vast majority of jobs in the country.
The government recently played down a leaked official jobs survey that said India’s unemployment rate dropped to 6.1% in 2018, the highest in 45 years, according to reports.
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