New Delhi: Fresh data released by the Centre for Monitoring Indian Economy (CMIE) showed that the rise in India’s unemployment rate in October was the highest since August 2016.
While the government has been announcing a pool of measures to increase demand, the slowdown in jobs is being viewed as the impact of slowdown on the country’s economic growth.
To make matters worse, India’s infrastructure output for the month of September contracted 5.2 per cent on a year-on-year or YoY basis. It is one of the worst performances by the eight core infrastructure industries.
It is worth noting that as many as seven of eight core industries saw a contraction in output in September.
A new academic research paper released by the Centre of Sustainable Employment also concluded that there has been a significant decline in total employment in India between 2011-12 and 2017-18, reported The Indian Express.
The research paper by Santosh Mehrotra and Jajati K Parida indicated that total employment during the above mentioned period decline by a whopping nine million, adding that this has happened for the first time in Indian history.
Experts also say that the unemployment wave in India has significantly hurt the unorganised sector, which includes a fair amount of season labour. Daily-wage labourers have also been affected due to demand slowdown.
Witnessing a sharp contraction in demand, several manufacturers cut down on production over the last few months, resulting in higher joblessness among individuals working as daily wage or contractual workers.