Fresh data released by the Centre for Monitoring Indian Economy (CMIE) reveals that India’s unemployment rate is the highest since August 2016.
According to India Today, the country’s unemployment rate jumped to 8.5% despite the government announcing a pool of measures to provide more jobs.
The acute reason for the slowdown of our economy can be credited to less demand in companies and the slowdown in jobs.
Moreover, this stagnancy contracted India’s infrastructure output in the month of September by 5.2 percent, meaning it the worst performance by the industry in the last few years.
The research paper, credited to a Santosh Mehrotra and Jajati K Parida, indicates that total employment in the last 3 years declined by a whopping nine million.
This has happened for the first time in India’s entire history.
Apart from badly hurting the unorganized sector, the rate of unemployment has also forced several manufacturers to cut down on production over the last few months.
This further resulted in higher joblessness among individuals working as daily wage or contractual workers.