Shocking Surge: India's Unemployment Rate to 7.8% - A Whooping 3-Month! Highest In The 45 Years

BUSINESS AND FINANCEINTERNET & SOCIAL MEDIA

2 min read

India's unemployment rate has risen to a 3-month high of 7.8% in March, according to data from the Centre for Monitoring Indian Economy (CMIE). The increase is a cause for concern as it indicates that the country's economic recovery from the COVID-19 pandemic may be slowing down.

The CMIE data reveals that the unemployment rate was 6.9% in February 2022, which increased to 7.8% in March 2022. The data also indicates that the labour force participation rate, which measures the proportion of the working-age population that is either employed or actively seeking employment, declined from 39.3% in February 2022 to 38.6% in March 2022.

The rise in unemployment is attributed to various factors, including the ongoing impact of the COVID-19 pandemic, which has led to job losses across several sectors. The pandemic has also caused disruptions in supply chains and reduced demand for goods and services, leading to a decline in economic activity.

In addition to the pandemic, the government's decision to implement labour reforms, which have led to the consolidation of small firms and the closure of many others, has also contributed to the rise in unemployment. The reforms were aimed at streamlining India's labour laws and making it easier for companies to do business, but they have also resulted in job losses in the short term.

The rise in unemployment is a cause for concern as it indicates that the country's economic recovery may be slowing down. To address the issue, the government will need to implement policies aimed at boosting economic growth and job creation. This could include measures such as increased spending on infrastructure, tax incentives for businesses, and measures to encourage entrepreneurship and innovation.

The government will also need to focus on upskilling and reskilling the workforce to prepare them for the jobs of the future. This could involve investing in education and training programs that equip workers with the skills and knowledge required to work in emerging industries such as renewable energy, e-commerce, and artificial intelligence.

In conclusion, the rise in India's unemployment rate to a 3-month high is a cause for concern and underscores the need for the government to take urgent action to boost economic growth and job creation. While the pandemic has had a significant impact on the economy, the government's labour reforms have also contributed to the rise in unemployment. To address the issue, the government will need to implement policies aimed at boosting economic growth and job creation, while also focusing on upskilling and reskilling the workforce to prepare them for the jobs of the future.

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