India’s unemployment rate rose to 7.5 per cent during September-December 2019, according to data released by think-tank Centre for Monitoring Indian Economy (CMIE) on Monday. The unemployment rate was even worse in case of educated youth which rose over 60 per cent, indicating that 2019 was the worst year for these young graduates.
“This was the seventh consecutive wave to record an increase in the unemployment rate since May-August 2017 when the unemployment rate was 3.8 per cent,” says CMIE report.
As per CMIE survey, which was conducted on a sample of 1,74,405 households, the unemployment rate in rural India was lower than urban India, which scaled up to 9 per cent. The urban unemployment numbers were higher than the national average, reflecting a decline in economic activity in the country.
Office-bearers of the district Youth Congress Committee staged a unique demonstration by frying ‘pakodas’ near the Subhas Chandra Bose statue at Humnabad Base in Kalaburagi on Thursday, as a mark of protest against the simmering unemployment crisis in the country.
District president of the committee, ErannaZhalki, said Prime Minister Narendra Modi had promised to generate two crore jobs a year, but the National Sample Survey Office report indicates the unemployment rate rising to 6.1 % — the highest in 45 years.
Mr. Zhalki said that according to data from the Centre for Monitoring Indian Economy, the unemployment rate has risen to 8.48%. While the unemployment rate in urban areas stands at 8.89%, it is 8.28% in rural areas. Around three lakh to four lakh jobs have been lost across automobile dealerships in India in the past six months, he said.