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Lay-off Emanated in October

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New Delhi:India’s unemployment rate reached a three-year high in October. According to data released by the Center for Monitoring Indian Economy (CMIE), the unemployment rate last month was 8.5 per cent, the highest level since August 2016. This is much higher than the data released in September this year.

Lowest people got a job in six years

  1. A research paper released by the Center for Sustainable Employment of Azim Premji University claimed that there has been a significant decline in the number of people employed in the last six years. 
  2. Between 2011-12 and 2017-18, 90 lakh people lost their jobs. This has happened for the first time in the history of India. 
  3. The situation has become the most dangerous among the three states of the country.

According to CMIE data, people are not getting jobs even in Tripura, Haryana and Himachal Pradesh. The unemployment rate in Tripura is recorded at 23.3 per cent. According to Mahesh Vyas, MD and CEO of CMIE, unemployment in rural and urban areas of the country are continuously increasing. In this also, people are not getting jobs in urban areas.

This effect is also seen due to deteriorating condition in many sectors including auto. Sectors like textiles, tea, FMCG, real estate have suffered a severe downturn.

According to the data released by CMIE, between 2016 and 2018, 1.1 crore people lost their jobs. The unemployment figure reached 7.2 per cent in February 2019. In February last year, the figure was 5.9 per cent.

Missed a job.

  • According to the report, where 40.6 crore people were employed last year, in February this year, this figure was reduced to 40 million only. Hence, between 2018 and 2019, about six million people became unemployed.
  • The increased number in urban areas
  • The report released in May this year said that the number of unemployed in urban areas stood at 7.8 per cent, while it was 5.3 per cent in rural areas.

The report said that due to demonetisation, there was a significant decline in the number of new jobs, which is not yet in place.

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