The Unemployment rate in India falls to pre-lockdown level: CMIE
The unemployment rate in India has eased to pre-lockdown levels of 8.5 percent in the week ended June 21, said the Centre for Monitoring Indian Economy (CMIE). The Mumbai-based think tank said the rate had earlier spiked from 8.75 per cent in March to 23.5 per cent in April and May.
It had peaked at 27.1 percent in the week ended May 3, following which there has been a drastic improvement in June. CMIE managing director and CEO Mahesh Vyas said, “In the first three weeks of June the Unemployment rate in India dropped dramatically to first, 17.5 then 11.6 percent and now 8.5 percent.”
However, the Unemployment rate in India stood at 8.75% in March and had peaked to as high as 27.1% in the week ended May 3 after which it began to fall. In the first three weeks of June the Unemployment rate in India dropped 17.5%, 11.6% and now stood at 8.5%, according to the CMIE survey, as more towns and cities emerge from the lockdown and economic activity starts gathering pace.
Rural India leads recovery
CMIE data also suggested that the big jump in rural employment is leading India’s economic recovery. It adds that rural employment may see “bigger gains” in the months to come.
“The Unemployment rate in India dropped to 7.26 percent in rural India in the week ended June 21. This is lower than it was in the pre-lockdown week ended March 22 when the rate was 8.3 percent. It is lower than the average Unemployment rate in India in February and March 2020 which was 7.34 percent and 8.4 percent, respectively,” CMIE’s Vyas said.
“While the relaxation of the lockdown has helped in alleviating the unemployment stress in general, rural India has apparently gained by the massive sudden increase in Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) activities and also by a sharp increase in Kharif sowing this year,” it said.
According to CMIE, the person-days of jobs created in May 2020 under the rural unemployment rate in India scheme shot up to 565 million, 53% higher than the 370 million person-days of jobs created under the scheme in May 2019 and 2.55 times the average monthly person-days of jobs created in 2019-20. “33 million households benefited from the scheme in May 2020, a 55% increase than the number of households that benefited a year ago,” it added.
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