According to the Centre for Monitoring Indian Economy (CMIE), India‘s unemployment rate increased to 8.30% in December, the highest in 16 months, from 8.00% in November.
According to data released on Sunday by the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate rose to 8.30% in December 2022, the highest in 16 months.
In the month of November, it was 8%. While urban unemployment increased to 10.09 percent in December, up from 8.96 percent in November, rural unemployment fell to 7.44%, down from 7.55%, according to the data.
India’s unemployment rate touched a 16-month high of 8.3% in December, the increase was partly attributable to a rise in the labour participation rate. pic.twitter.com/OMPwqxQzxc
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According to Mahesh Vyas, Managing Director of the CMIE, the rise was “not as bad as it may appear,” because there was a simultaneous increase in the labour participation rate, which rose to 40.48 percent in December, the highest in a year.
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The biggest challenge for Prime Minister Narendra Modi’s administration ahead of national elections in 2024 is containing high inflation and creating jobs for millions of young people entering the labour market.
In September, the main opposition Congress party began a five-month cross-country march from Kanyakumari in the south to Srinagar in the Jammu and Kashmir region to mobilise public opinion on issues such as high prices, unemployment, and what it calls Modi’s divisive politics.
“India needs to shift from a single focus on GDP growth to growth with employment, skilling of youth, and creating production capacities with export prospects,” Rahul Gandhi, senior leader of the Congress party, told reporters on Saturday as he led the party’s 3,500-kilometer (2,175-mile) march on foot.
According to separate quarterly data compiled by the state-run National Statistical Office (NSO) and released in November, the unemployment rate fell to 7.2% in the July-September quarter from 7.6% the previous quarter.
