After 5 yrs of decline, India's unemployment rate stuck at 3.2%
For youth aged 15-29, the unemployment rate stood at 10.2%; urban female youth experienced the highest unemployment rate at 20.1%
For youth aged 15-29, the unemployment rate stood at 10.2%; urban female youth experienced the highest unemployment rate at 20.1%
GDP growth and manufacturing push have not produced adequate quality jobs for decades
Experts say with a high level of automation and digitisation, manufacturing may not remain an avenue for job creation and that focus is needed on services as well as self-employment.
The unemployment rate in the urban areas stood at 8.96%, the rural areas saw 7.55% unemployment rate in the month.
The unemployment rate in April to June quarter this year stood at 7.6%, according to the data by the 16th periodic labour force survey (PLFS).
Ex-RBI governor thinks inflation situation is different in India. There are elements of supply chain issues and commodity price rises but the imbalance is due to higher spending by upper-middle-class.
Jobs increased across industry and services sectors. In manufacturing, metals, chemicals and cement added jobs, while in services, retail, hotels and restaurants were the segments that added jobs.
Both CMIE and ILO data shows a dramatic drop in India's labour participation rate; over half of the employable population out of the market.
CMIE managing director and CEO Mahesh Vyas says though rural unemployment rate has fallen, the quality of jobs both in urban and rural India is deteriorating.
High unemployment combined with a declining real wage rate in a labour-surplus nation will continue to impose negative effects on components of growth.