India’s unemployment rate rose to a three-year high of 8.48 per cent in October, up from 7.2 per cent in September, says the data published by the Centre for Monitoring Indian Economy (CMIE) on Friday.
The unemployment percentage for the month is most leading since August 2016, following an overall financial downstream in the nation. The lay-off rate in September was 7.16 per cent, while it remained 8.19 per cent in August. The last season the unemployment rate was more leading was in August 2016 at 9.59 per cent.
However, employment in India grew by 25 lakh between May and September 2019, the CMIE data said. As per CMIE data, an approximated 40.49 crore persons were applied in India during May-August 2019, connected to 40.24 crore people applied during these months a year ago.
This alters to 25 lakh extra jobs, indicating a strong mark because while the same time in the last two years employment had declined. “Engaging during May-August 2018 was 55 lakh deeper than it was in May-August 2017 which, in accomplishment, was 6 lakh dizzier than it was in May-August 2016,” the CMIE statement highlighted.