India’s joblessness soars to 7.14%

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India’s joblessness soars to 7.14%

Tuesday, 27 July 2021 | PNS | New Delhi

India’s joblessness soars to 7.14%

India’s unemployment rate stood at 7.14 per cent in the week ending July 25, a rise of 1.16 per cent from the previous week ending July 18, as joblessness increased both in urban areas and the hinterland.

Fresh data from the Centre for Monitoring Indian Economy (CMIE) on Monday showed the national joblessness rate climbed to 7.14 per cent in the past one week. The national joblessness rate last week stood at 5.98 per cent. Since the beginning of July, the unemployment rate in urban India stayed below 9 per cent while at the national level, it remained under 8 per cent.

However, a 7 per cent to 8 per cent unemployment rate in an Indian labour market is high and shows the struggle in the job market.

The CMIE, which tracks the labour market with proprietary tools, shows that urban unemployment continues to be higher than that in the rural at 8.03 per cent, up from 7.94 per cent in the previous week. The rural joblessness rate stood at 6.50 per cent, a sharper rise from 5.1 per cent in the previous week.

In urban India, where economic activities have largely opened up, the rate of unemployment has stayed below 9 per cent since the beginning of July, while it remained under 8 per cent at the national level.  In June, the monthly unemployment rate was 9.17% at the national level, 10.07 per cent in urban India and 8.75 per cent in rural India. The progress of monsoon and opening of economic activities both in the formal and informal sector contributed to a comparatively better situation in July. 

However, the situation in job market is continued to be sticky as employment opportunities remain slim ever since the country was hit by another wave of the pandemic and closure of several units during the pandemic.

The second wave of Covid hit India exactly a year after the first. This cost India an additional loss of 13.3 million jobs. Employment dropped from 399.7 million in the quarter ended March 2021 to 386.4 million in the quarter ended June 2021. So, compared to the pre-Covid March 2020 quarter India today faces a loss of a massive 19.6 million jobs.

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