Data from the Centre for Monitoring Indian Economy (CMIE), reports that India's unemployment rate climbed to 7.8 percent in March, marking a three-month high...
Digital Desk: Data from the Centre for Monitoring Indian Economy (CMIE) states that India's unemployment rate climbed to 7.8 percent in March, marking a three-month high and indicating a decline in labour market conditions in the nation.
The country's unemployment percentage increased to 8.30% in December 2022 but dropped to 7.14 percent in January. According to CMIE data issued on Saturday, it increased slightly in February to 7.45 percent.
According to available data, the unemployment rate in India's urban areas hit 8.4% in March, while it remained at 7.5% in rural areas.
"India's labour markets deteriorated in March 2023. The unemployment rate increased from 7.5 percent in February to 7.8 percent in March. The effect of this is compounded by the simultaneous fall in the labour force participation rate, which fell from 39.9 percent to 39.8 percent," CMIE managing director Mahesh Vyas was quoted as saying by PTI.
According to the CMIE managing director, the decline in India's labour market circumstances resulted in a drop in the employment rate from 36.9 percent in February to 36.7 percent in March.
During this time period, the number of employed individuals fell from 409.9 million to 407.6 million.
Haryana had the highest rate of unemployment in March, at 26.8 percent. It was closely followed by Rajasthan (26.4%), Jammu and Kashmir (23.1%), Sikkim (20.7%), Bihar (17.6%), and Jharkhand (17.5%).
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