Fri. Mar 29th, 2024
India’s Rising Unemployment Rate Alarms “All Is Not Well”Image by <a href="https://pixabay.com/users/geralt-9301/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1257204">Gerd Altmann</a> from <a href="https://pixabay.com//?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1257204">Pixabay</a>

With many students graduating each year, the demand for employment continues to rise staggeringly. The pool of employed  people has to grow eventually and ideally. What disappoints the most is that, in reality, there are many hands to ask but a few to give.

On one side, where companies are shrinking their demand for employees to combat the macroeconomic headwinds, there are continuous layoffs across sectors; on the other side, the battle for people to get a job is becoming a challenge.

The data released by the Centre for Monitoring Indian Economy (CMIE) shows an increasing number of Indians are knocking door to door for jobs.

It says the unemployment rate in India soared to a three-month high at 8 percent in November.

The urban unemployment rate spiraled to 8.96 percent in November from 7.21 percent in October, while in rural areas, the unemployment rate dipped to 7.55 percent in November from 8.04 percent, the CMIE data showed on Thursday.

Among the states, Haryana continued to mark the highest unemployment rate in the country in November, at a staggering 30.6 percent.

Rajasthan reported the unemployment rate at 24.5 percent, followed by Jammu and Kashmir at 23.9 percent, Bihar at 17.3 percent, and Tripura at 14.5 percent.

The states with the lowest unemployment rates during the preceding month were Chhattisgarh (0.1%), Uttarakhand (1.2%), Odisha (1.6%), Karnataka (18.%), and Meghalaya (2.1%).

According to the report, India’s jobless rate in October was 7.77%, compared to a low of 6.43% in September.

In the last six months, August reported the highest unemployment rate at 8.28 percent in the country, followed by November at 8 percent.

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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