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India's Jobless Rate Alarming At 7.9% In December 2021
Writer: Ratika Rana
Her primary objective is to inform, promote, educate and cultivate readers through writing.
India, 3 Jan 2022 12:15 PM GMT | Updated 3 Jan 2022 12:20 PM GMT
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Creatives : Ratika Rana
Her primary objective is to inform, promote, educate and cultivate readers through writing.
The Centre for Monitoring Indian Economy showed that urban unemployment rose to 9.3 per cent in December, from 8.2 per cent in November in 2021. Rural employment stood at 7.3 per cent.
The changes brought by the COVID-19 pandemic has had a long-lasting impact on the social and economic lives of the country. The country's unemployment rate hit a four-month high in December 2021, the data from the Centre for Monitoring Indian Economy (CMIE) showed. The latest data shows that urban unemployment rose to 9.3 per cent in December from 8.2 per cent in November 2021. At the same time, the rate of rural employment increased from 7.3 per cent to 6.4 per cent. The economic activity in the country and consumer base drastically reduced after the emergence of the Omicron variant, which experts say, is spreading more dangerously than the Delta Variant.
The slow economic growth, which often reverses, is a matter of frustration for the development of the Indian economy. The rising hurdles are indicators of a distorted labour market in urban and rural areas, Hindustan Times reported. The unemployment rate can be defined as the percentage of unemployed persons in the labour market, which is the sum of working people and those looking for work.
Unemployment Rate Among Men and Women
The unemployment rate in urban males stood at 8.7 per cent from January to March 2021, and the rate was as high as 9.5 per cent between October to December at the same time last year. Among women, the unemployment rate stood at 11.8 per cent between January and March in 2021. After the pandemic, the participation of women in the labour force slipped to 21.2 per cent from 21.9 per cent. Similarly, the ratio of the working population also declined from 43.7 per cent to 43.1 per cent in a year.
The Indian economy had just begun to recover from the shock of the global health crisis. Therefore, in such a situation, the reversing trend puts the country in a difficult position to provide for the people who have lost their jobs or have lost the sole-earning member of their families.
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