The fresh data released by the Centre for Monitoring Indian Economy (CMIE) highlighted the major hike in India’s unemployment rate. Unemployment in India is highest at the moment since August 2016 with 8.5%.
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 per cent, 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.