India's unemployment rate surged to a one-year high of 8.3 per cent in August as employment sequentially fell by 2 million to 394.6 million, according to data from the Centre for Monitoring Indian Economy (CMIE). During July, the unemployment rate was at 6.8 per cent and the employment was 397 million, the CMIE data added. "The urban unemployment rate is usually higher at about 8 per cent than the rural unemployment rate, which is usually around 7 per cent.
India's unemployment rate witnessed a sharp decline to 6.57 per cent in January, the lowest since March 2021, as the country gradually recovers with easing of restrictions following a decline in Omicron cases, according to CMIE. While unemployment in urban India stood at 8.16 per cent in January, in rural areas it was the lowest at 5.84 per cent, as per data by independent think-tank Centre for Monitoring Indian Economy (CMIE). In December, the unemployment rate stood at 7.91 per cent, with urban at 9.30 per cent and rural at 7.28 per cent, it added.
The country's unemployment rate in July fell to 6.80 per cent, the lowest level in the last six months, amid rising agriculture activities during monsoon, according to Centre for Monitoring Indian Economy (CMIE) data. The unemployment rate dropped to 6.80 per cent in July from 7.80 per cent in June, the CMIE data said. Rural unemployment declined 6.14 per cent to 272.1 million last month from 265.2 million or 8.03 per cent in June, it said.
India's unemployment rose to a three-month high in March to 7.8 per cent as the country's labour markets deteriorated, according to data from the Centre for Monitoring Indian Economy (CMIE). Unemployment rate in the country surged in December 2022 to 8.30 per cent but declined in January to 7.14 per cent. It edged up again in February to 7.45 per cent, the CMIE data released on Saturday showed. During March, the unemployment rate in urban areas was at 8.4 per cent while in the rural areas it was at 7.5 per cent.
The second wave of COVID-19 and the resultant localised lockdowns have impacted over 75 lakh jobs, taking the unemployment rate to a four-month high of 8 per cent, the Centre for Monitoring Indian Economy (CMIE) said on Monday. The situation on the employment front is expected to continue to remain challenging going forward as well, CMIE's managing director and chief executive Mahesh Vyas said.
The outlook cut is based on a weak premise since the economy is expected to rebound this fiscal but a wake-up call was needed.
Urban men lost more jobs than women during the second wave of COVID-19, implying a complete loss of livelihood for millions of households, according to the Centre for Monitoring Indian Economy (CMIE). The most disproportionate loss of jobs because of the first wave of COVID-19 was among urban women, CMIE's MD and CEO Mahesh Vyas said in his analysis. He said urban women account for about three per cent of total employment, but they accounted for 39 per cent of total job losses in the first wave of the pandemic.
The investor is voting for safe investment avenues and is not impressed by the lucre promised by Dalal Street, says Mahesh Vyas.
Indian households database Consumer Pyramids answers why two years of high inflation did not matter to the consumers of the country.
The continuation of the new investments boom and the greater success in completion of projects imply that the investment boom is on, and this augurs well for growth in 2010 and beyond.
Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now have 21 members, as per the latest information with the regulator. Earlier the committee had 20 members. The committee is chaired by M S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI).
Over 10 million Indians have lost their jobs because of the second wave of COVID-19, and around 97 per cent of households' incomes have declined since the beginning of the pandemic last year, Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas said on Monday. The unemployment rate measured by the think-tank is expected to come at 12 per cent at the end of May as against 8 per cent in April, Vyas told PTI, adding this signifies that about 10 million or 1 crore Indians have lost jobs in this period. Stating that the main reason for the job losses is "mainly the second wave" of COVID-19 infections, Vyas said, "As the economy opens up, part of the problem will be solved but not entirely."
The unemployment rate shot up to a record 10.9 per cent in the week that ended on December 18, points out Mahesh Vyas.
Apart from signalling the shape of things to come, the stock markets are seen as an important source of funds for investment - so their health can be critical.
Average wages paid by listed companies is more than twice the salaries paid by other enterprises, points out Mahesh Vyas.
Inflation and interest rates seem to be on top of everyone's mind at the moment.
The 6.7% growth in Index of Consumer Sentiments in July 2022 is the highest since September 2021, explains Mahesh Vyas.
Indian economy is expected to grow by 7.4 per cent in 2003-04 and the next year is also likely to be good for the country, according to a top official of Centre for Monitoring Economy.
What the labour market statistics of March 2022 show is India's biggest sign of economic distress, points out Mahesh Vyas.
Agnipath offers jobs to youngsters between 17.5 years and 23 years of age. The unemployment rate in this age group has risen from around 23% in 2017 to over 50% since 2020. Every second person who is looking for employment in this age group is unemployed, explains Mahesh Vyas.
The growth is particularly remarkable because it comes at levels higher than during the pre-Covid times, notes Mahesh Vyas.
The Economic Survey will remain a documentation of the government's resolve to not recognise the severe stress on the labour markets and on the livelihoods of Indian households arising out of the pandemic and the consequent lockdown, observes Mahesh Vyas.
It would be larger than even in the pandemic year of 2020-2021, notes Mahesh Vyas.
Unemployment was worse only in the pre-demonetisation period, according to the data, at 9.6 per cent in August 2016.
Households with only one employed person can be considered to be somewhat vulnerable. Their proportion is rising. Also rising is the proportion of highly vulnerable households with no person employed, observes Mahesh Vyas.
This is reflected in an improvement in their sentiments as well, explains Mahesh Vyas.
'We are today worse off today compared to where we were two years ago by as much as 43 per cent,' notes Mahesh Vyas.
'Loss of these urban salaried jobs is, therefore, likely to have a particularly debilitating impact on the economy, besides causing immediate hardship to middle-class households,' points out Mahesh Vyas.
While salaried jobs are not lost easily, once lost they are also far more difficult to retrieve. Therefore, their ballooning numbers are a source of worry, notes Mahesh Vyas.
Only West Asia and North Africa have a lower employment rate than India, points out Mahesh Vyas.
Something seems to be working for Indian consumers. Yet, the Indian consumer expresses some caution this festive season, reveals Mahesh Vyas.
Labour seems to have found employment as maids, cooks, gardeners, security guards and the like -- a transition that could be described as from farms to the kitchen sink, instead of farms to factories, observes Mahesh Vyas.
While many of the lost jobs will come back, the current loss is huge and its impact on the households that have suffered because of this cannot be captured in the comfort that jobs will come back eventually, observes Mahesh Vyas.
The week ended October 17 was remarkable as it saw a fall in the unemployment rate. We have not seen such a level in any monthly estimate of the employment rate since March 2020, Mahesh Vyas points out.
Of these 8.5 million additional people employed in September, 6.5 million were in rural India, reveals Mahesh Vyas.
In the week ended June 6, only 2.3 per cent of the households reported that their incomes were higher than a year ago. This was the lowest-ever proportion of households reporting an increase in income in any week, reveals Mahesh Vyas.
Employment fell by 2.5 million in February, 0.1 million in March, 7.4 million in April and then by 15.3 million in May, explains Mahesh Vyas.
Recovery of the Indian economy depends to a great extent on acceleration in the spending of these relatively richer households, explains Mahesh Vyas.
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