Millions of people worldwide have lost their jobs due to Coronavirus. India too has not remained untouched by this. Due to weak demand, jobs of millions of people have been lost in the country. In such a situation, the unemployment rate in India increased once again in August compared to July. The unemployment rate was recorded at 8.35 per cent in August. Whereas in July last month it was 7.43 per cent less. The situation is worse in rural India too. These figures have come out in the report of the Center for Monitoring Indian Economy.
Unemployment rate figures like this
According to data from the Center of Monitoring Indian Economy- CMIE, the unemployment rate has increased in August. According to the data, the overall unemployment rate in India was 8.35 per cent in August. Whereas in July last month it was 7.43 per cent less.
The urban unemployment rate was recorded at 9.83 per cent in August, while the unemployment rate in rural areas was 7.65 per cent. The urban unemployment rate was 9.15 per cent in July, and the rural unemployment rate was 6.6 per cent.
In August, the employment situation declined rather than better. Both urban and rural unemployment rates registered a slight decline in July compared to June. The urban unemployment rate had come down to 9.15 per cent in July, from 12.02 per cent in June. While the rural unemployment rate fell from 10.52 per cent in June to 6.66 per cent in July. Earlier, the total unemployment rate reached 10.99 per cent in June.
Unemployment increased due to these reasons
- Experts say that due to lack of work in the agricultural sector, migrant labourers are returning to the cities. But the sluggish pace of manufacturing and textile sector has added to the problem of unemployment.
- Production has come down due to low demand. Many states have imposed mini lockdowns due to increasing cases of Corana virus.
- The unemployment rate has increased due to these reasons. Experts say that Corona has had a very wide impact on business. Because of this, the unemployment rate in the formal sector is 10 to 12 per cent.