Srinagar: India’s unemployment rate and overall joblessness in the formal sector along with saturation in the farm sector, has witnessed a substantial dip in the month of August, according to latest data by Center for Monitoring Indian Economy (CMIE).
As per the latest data, the urban unemployment in India rose up to 9.83 per cent in August as against 9.15 per cent in July. As urban unemployment in August touched 9.83 per cent, it came to exhibit that one in every 10 people in urban areas is unable to find a job.
Rural unemployment shot up to 7.65 per cent in August as against 6.66 per cent recorded in July. Haryana is the worst hit amongst them, with a whopping 33.5 per cent unemployment rate, followed by Tripura (27.9 per cent).
August numbers are far higher in the pre-COVID months like February, January and December, when the national joblessness rate was breathing between 7.22 per cent and 7.76 per cent. Overall unemployment was 8.35 per cent higher than 7.43 per cent the previous month.
This data comes in the wake of India’s latest GDP numbers, which is amongst the worst in the world. Economists have suggested urgent government intervention is required to revive the economy.
After witnessing a contraction for the past two quarters, at -23.9%, Indian economy is at a brink of a recession, reports claimed.
Manufacturing growth stood at -39.3%, mining growth at -23.3%, construction growth at -50%, trade and hotel industry one of the worst affected due to the pandemic, at -47%.
Manufacturing, construction, trade, hotels, transport, which account for almost 45 per cent of the country’s GDP were hit hard by the lockdown and are yet to recover.
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