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India’s unemployment rate highest in two years, soars to 7.2 %: Report

The unemployment numbers have increased from February 2018's rate of 5.9 percent.

By Newsd
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India’s Unemployment rate soars to 7.2%, highest in two years: CMIE

New Delhi: According to data compiled by the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in the country rose to 7.2% in February 2019, highest since September 2016. The numbers have increased from 5.9 percent, the figures of February 2018, the data released on Tuesday read.

The unemployment rate has climbed despite a fall in the number of job seekers, Mahesh Vyas, head of the Mumbai-based think tank told Reuters, an international news organisation. Vyas added that, the number of employed persons in India was estimated at 400 million in February compared with 406 million a year ago.

The data comes just over a month report by Business Standard citing NSSO’s (National Sample Survey Office) periodic labour force survey(PLFS), read that India’s unemployment rate touches a 45 year high with 6.1 percent during 2017-2018. The data report which had not been released to public yet, had come a day after the National Statistical Commission dived into a controversy when two of National Statistical Commission members which included the acting chairman resigned.

The government had told Parliament last month that it did not have data on the impact of demonetisation on jobs in small businesses. National Statistical Commission PC Mohanan had cited non-publication of jobs data which were due to release in December and backdating of the data as the reason for their unhappiness.

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