Unemployment rate in India reaches 7.83% in April
The unemployment rate in the country increased by 0.23% in April. According to the CMIE (Centre for Monitoring Indian Economy), it reached 7.83% from 7.60% in March. On the other hand, during the same period, the urban jobless rate raised to 9.22%. Meanwhile, the rural jobless rate decreased to 7.18% from 7.29%.
According to the reports, the Northern state of Haryana and Rajasthan stood in the first two places in jobless rates. Haryana government reported 34.05% in its state and 28.08% in Rajasthan.
Job opportunities have been impacted by the slow pace of economic recovery and sluggish domestic demand amid rising prices, according to economists.
A Capital Economics note on Saturday predicted that retail inflation will peak at around 7.5% later this year, marking its highest level in 17 months. In June, the central bank will likely raise the repo rate.
Since the government does not release its own monthly statistics, economists and policymakers closely monitor the CMIE data.
Their attention drawn to falling labor participation rates – the portion of employed and looking for work among the working population. In March 2022, that figure stood at 39.5%, which down from 43.7% in March 2019 because countless people lost their employment during the pandemic.
According to the source, the unemployment rate stood at 8.10% in February 2022. Further, it slipped to 7.06% in March 2022. The experienced economist said that the jobless rate in the country decreased due to the economy recovering slowly. Early this month, the analysts said that the ratio will slip to 7.05%. But, the results happen completely against the forecast reports.However, the ratio slipped around 0.14% as compared to the result of the previous year during the same month, standing at 7.97%.