All about Unemployment rate of India
Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “All about Unemployment rate of India”
The Centre for Monitoring Indian Economy (CMIE)- a governmental agency has released the data on India’s unemployment rate which indicated its record hit a four-month high in December.
The unemployment rate got up to 7.9% in December from 7.0% in November. Unemployment rate was recorded the highest since 8.3% in August.
The data indicated that, Urban unemployment rate is gone up to 9.3% in December from 8.2% in November. The rural unemployment rate was gone up 7.3% from 6.4%.
What is unemployment rate?
It is the calculation of the number of unemployed persons as a percentage of the total number of persons in the labour force.
- The employment data is captured from the one who have finished 12 years of age or more as of the date of the survey.
- Law does not grant a person of less than 15 years of age to be employed. But sometimes reality can be different, as Persons below the age of 15 years may also be employed sometimes. Such persons may be actively searching for jobs sometimes although they may not be employed.
- Arrived on this result each member who is of 12 years of age or more on the date of survey is viewed appropriate for an answer on his/her employment or unemployment status.
Reasons behind current unemployment scenario:
- Economic activity and consumer sentiment have been banged in the South Asian nation after a rise in cases of the Omicron corona virus variant and social distancing restrictions in many states.
- Many economists concerned about the Omicron variant which could revoke the economic recovery seen in the previous quarter.
- Mumbai-based CMIE data on unemployment is closely analyze by economists and policymakers as the government doesn’t release monthly figures.
Unemployment is a major social issue in India since many times. According to the Indian government as of September 2018, India had 31 million jobless people. The numbers were disputed topic for discussion in long range.
The more usage of digital manufacturing and machinery in factories and garment industries are resulting to unemployment in India. Unemployment is the biggest issue in India and even it is major concern for all the countries in the world.
As some relief there was unemployment rates declined to 6.5% in January 2021
In the pandemic’s deadly second wave unemployment hit up to 14.45 per cent in the week ending May 2021 and it remained at an advanced level of 13.62 per cent in the week ending June 6.
Centre for Monitoring Indian Economy:
The CMIE is an independent non-government entity that functions both as an economic think-tank as well as a business information company. It is a research group which captured data on the Indian economy and private companies in India.
It was founded on 13th April, 1976 by Narottam Shah. It’s headquarter is located in Mumbai, India.
Question & Answer:
Q1. What is the unemployment rate recorded in the month of December?
Q2. Which governmental agency makes report on unemployment rate for India?
Ans. Centre for Monitoring Indian Economy (CMIE)
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