Amid economic slowdown, India’s unemployment rate rises to 8.5%

unemployment
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New Delhi (NVI): In another bad news emanating from a slowing economy, the unemployment rate in India has increased to 8.5 per cent in the month of October, according to the data released by Centre for Monitoring Indian Economy (CMIE).

The research data showed the highest fall in employment rate since August 2016.

Recently while speaking to the media on job losses, Finance Minister Nirmala Sitharaman had said that all in the government are interacting with all sectors of economy, travelling country and taking inputs from them.

The slowdown in the economy is majorly affecting India’s employment rate, however, the government is taking several measures to overcome the fall in economic rate, according to reports.

The falling of total employment is an unprecedented trend seen between 2011-12 and 2017-18, according to the researchers of the Centre of Sustainable Employment.

The researchers of CSE, Santosh Mehrotra and Jajati K. Parida released the research paper on “Rising education levels and falling non-agricultural job growth”, which concluded that both agriculture and manufacturing were responsible for the total employment by nine million between 2011-12 and 2017-18 period for the first time in Indian history.

The experts also noted that the unemployment wave in India has significantly affected the unorganised sector, private sectors and the daily wages labourers due to demand slowdown.

“A comprehensive employment policy combined with industrial policy is necessary to address agrarian transformation, boost real wages in rural areas, ensuring industrial development, taking skill issues into consideration,” said experts.

–PS