India's unemployment rate is rising again - CMIE
India's unemployment rate is rising again - CMIE
During the Covid-19 Lock down in India, most of the workers in the country lost their jobs. This was especially the case in Informal employment. The lock down was extended in the following months as the number of Covid cases increased.
There was no major impact in the Food based industry due to unforeseen demand. The country's unemployment rate rose 23.52 Percent in the month of April 2020, which was seen as 8.75 Percent in March 2020. This was said to be unprecedented in the History.
In April 2020, the unemployment rate was 24.95 Percent in Urban areas and 22.89 Percent in the Rural. Then in the month of May, unemployment rate was 21.73 Percent. It was seen as 10.18 Percent in the end of June 2020.
It is noteworthy that this rate, which then gradually declined and was in the range of 6-8 Percent during the period from July to November this year. Most of the Companies were reported that have more than 50 Percent employees coming into support and the business comes to the Precovid-19 Level.
At the same time, the Recession is officially not over. Another one Global statistics told about 150 million people worldwide will be pushed into the Poverty post pandemic. These are particularly likely to affect low income and Long term low revenue Countries.
The unemployment rate of the young domestically is increasing. The Centre for Policy Research(CPR) says that most of those lost their jobs due to Covid-19 lock down, not yet recovered with their earnings.
As of 19th December, India's unemployment rate was 8.3 Percent where the urban areas stands at 8.6 Percent and 8.1 Percent in the Rural areas (As per 30 Day moving average). It is noteworthy that the rate of 1st December, 2020 was 6.6 Percent.
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