Unemployment Rate At 7.5% In Sept-Dec 2019, Highest Among Educated Youth: CMIE Data
The unemployment rate in India stands at 7.5 per cent for the period between September and December 2019, as per the Centre for Monitoring Indian Economy (CMIE) data. However, the unemployment rate for graduates is at 18.5 per cent, more than twice the headline rate, according to data.
"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," the report said.
The report points at a significant increase in the urban unemployment rate, which is at 9 percent compared to the rate in rural India which stands at 6.8 per cent. It showed that unemployment among educated youth rose over 60 per cent.
It also found that "rural India has a low unemployment rate and this has a big impact on lowering India's overall unemployment rate. But, rural employment is of poor quality," CMIE data said.
As per the data, the total unemployment rate for females stands at 17.5 per cent as against 6.2 per cent for males. In the case of females in urban areas, the unemployment rate is as high as 26 per cent.
"India's headline unemployment rate is at 7.5 per cent but, this understates the real problem on hand which is of lack of sufficient jobs for young graduates," Mahesh Vyas, CEO, CMIE told NDTV, adding that "nearly one in every four graduates in the mid-to late-twenties who is looking for a job is unable to find a job."
The unemployment rate for the age group between 15-19 years stood at 45 per cent.
"But, arguably, this is not the age at which youngsters should be looking for jobs. Ideally, they should be still studying at this age. However, if, for any reason, they do look for jobs, it is evident that they find it very difficult to find one," the report mentioned.
The unemployment rate dipped from the age of 30 implying that beyond a point in age, people settle for whatever jobs are available.
NSO's leaked report last year for the financial year 2018-19 revealed that unemployment in India was at its highest in 45 years. The Ministry of Statistics and Programme Implementation (MOSPI) later released the unemployment data officially for 2017-2018 on May 31.
The figures pegged the unemployment rate at 6.1 percent, highest since 1972-73. The figures were the same as the leaked report by Business Standard in January this year, but the government at that time had rejected the data calling it as baseless and false.