Unemployment in India at 3-month high, CMIE figures will raise your concern too
The Center for Monitoring Indian Economy (CMIE) released the unemployment figures in India
The unemployment rate is likely to have risen sharply following global layoffs
Updated: Apr 2nd, 2023
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The Center for Monitoring Indian Economy (CMIE) has released the unemployment figures in India. According to the data, India’s unemployment rate rose sharply in March, reaching a three-month high. The unemployment comes at a time when layoffs are taking place globally, including in India. Many giants have laid off people and the figure could rise further.
How was the unemployment situation in December-January?
The country’s unemployment rate rose to 8.30 percent in December 2022, but declined to 7.14 percent in January. Unemployment rose again in February to 7.45 percent, according to CMIE data released on Saturday. While according to the latest data from March, the unemployment rate in India is at a high level of 7.8 percent.
What is the unemployment situation in urban and rural areas?
The unemployment rate in India’s urban areas rose to 8.4 percent in March, while unemployment in rural areas stood at 7.5 percent, according to CMIE data. Mahesh Vyas, Managing Director of CMIE, said that March 2023 has had a major impact on India’s labor market. The biggest reason for the increase in unemployment is the massive layoffs in the country, which is 39.8 percent. Mahesh Vyas said that the employment rate fell from 36.9 percent in February to 36.7 percent in March due to deteriorating labor market conditions. The number of employees also fell from 409.9 million to 407.6 million during this period.