BackIndia's unemployment rate rises to 3-month high of 7.8% in March: CMIE
India's unemployment rate has risen to a 3-month high of 7.8 per cent in March, the CMIE data showed
PremiumData from the Centre for Monitoring Indian Economy (CMIE) shows that India's unemployment rate increased to 7.8 per cent in March, marking a three-month high and indicating a decline in the country's labor market conditions.
The unemployment rate in the country surged in December 2022 to 8.30 per cent but declined in January to 7.14 per cent. It edged up again in February to 7.45 per cent, the CMIE data released on Saturday showed.
In March, the unemployment rate in urban areas of India reached 8.4%, while in rural areas it stood at 7.5 per cent, as per the available data.
"India's labour markets deteriorated in March 2023. The unemployment rate increased from 7.5 per cent in February to 7.8 per cent in March. The effect of this is compounded by the simultaneous fall in the labour force participation rate, which fell from 39.9 per cent to 39.8 per cent," CMIE managing director Mahesh Vyas was quoted as saying by PTI.
The CMIE managing director said that the decline in India's labor market conditions led to a drop in the employment rate from 36.9 per cent in February to 36.7 per cent in March.
The number of employed people also decreased from 409.9 million to 407.6 million during this period.
In March, unemployment was the highest in Haryana at 26.8 per cent. It was closely followed by Rajasthan at 26.4 per cent, Jammu and Kashmir at 23.1 per cent, Sikkim 20.7 per cent, Bihar 17.6 per cent and Jharkhand 17.5 per cent.
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