India’s unemployment rate rose to 7.5 per cent during September-December 2019, according to data released by think-tank Centre for Monitoring Indian Economy (CMIE) on Monday. The unemployment rate was even worse in case of educated youth which rose over 60 per cent, indicating that 2019 was the worst year for these young graduates.
“This was the seventh consecutive wave to record an increase in the unemployment rate since May-August 2017 when the unemployment rate was 3.8 per cent,” says CMIE report.
As per CMIE survey, which was conducted on a sample of 1,74,405 households, the unemployment rate in rural India was lower than urban India, which scaled up to 9 per cent. The urban unemployment numbers were higher than the national average, reflecting a decline in economic activity in the country.
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In rural India, the unemployment rate stood at 6.8 per cent over a period of four months from September to December 2019. It is notable that rural India accounts for the lion’s share of 66 per cent of the overall estimate of India’s unemployment rate.
Source: Business Today
