India’s unemployment rate hit a 3-year-high of 8.4 per cent in August 2019, reveals data released by think-tank Centre for Monitoring Indian Economy (CMIE).
The National Sample Survey Office’s (NSSO) job survey for 2017-18 had shown a spike in the unemployment rate to over 6 per cent, a 45-year high, but the report was not released by the government, which termed it as a draft report……..Published in May 31 2019 , India Today.
Leaked NSSO report
A report on unemployment prepared by the National Sample Survey Office’s (NSSO’s) periodic labour force survey, has not been officially released by the government. According to Business Today, this report is the “first comprehensive survey on employment conducted by a government agency after Prime Minister Narendra Modi announced demonetization move in November 2016″. According to this report, the 2017–2018 “usual status” unemployment rate in India at 6.1%, a four-decade high, possibly caused by the 2016 demonetization of large banknotes intended to curb the informal untaxed economy……Source – Wikipedia.org.
Most of the decline in employment has happened due to fall in the number of workers in agriculture & a sharp fall in the absolute number of female workers. Roughly 37 million workers left agriculture in the last six years. During the same time, 25 million women workers were out of work force………….Livemint.
Unemployment not the only problem but 8 out of 10 Indians don’t even have decent jobs………Published in March 11, News18. According to Dr. Ajit Ranade, President & Chief Economist, Aditya Birla Group said ‘’The economy is not creating adequate jobs, and is a big concern. We need more than 10 million new jobs to be created every year for many years to come. That means we also need to create more than one lakh new enterprises every year. That puts the focus on ease of creating, doing & closing business. This should be a big policy focus. We also need to particularly focus on labour intensive sectors, both in manufacturing & services.