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‘India’s unemployment rate is declining’; Report

According to CMIE data, the country’s unemployment rate is declining as the economy progressively returns to normal. According to monthly time series statistics from the Centre for Monitoring Indian Economy, India’s total unemployment rate was 8.10% in February 2022, but it declined to 7.6 percent in March. On April 2, the ratio fell further to 7.5%, with urban unemployment at 8.5% and rural unemployment at 7.1%.

Abhirup Sarkar, a retired professor of economics at the Indian Statistical Institute, stated that, while total unemployment is decreasing, it remains high for a ‘poor’ country like India. According to him, the fall in the percentage indicates that the economy is regaining its footing after being hammered by COVID-19 for two years.

‘Nonetheless, this unemployment rate is high for India, a poor country. Poor people, particularly in rural regions, cannot afford to be unemployed, therefore they take any job that comes their way’, Sarkar said. According to the report, Haryana had the highest unemployment rate in March, at 26.7%, followed by Rajasthan and Jammu & Kashmir, both at 25%, Bihar at 14.4%, Tripura at 14.1%, and West Bengal at 5.6%. The total unemployment rate was 7.97% in April 2021, but it jumped to 11.84% in May of last year. In March 2022, Karnataka and Gujarat had the lowest unemployment rates at 1.8% apiece.

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