India’s joblessness rose to 10.05% in October, marking huge upticktext_fields
New Delhi: The unemployment rate in the country has risen to a whopping 10.05 percent in October from 7.09 percent in September marking a two-year high since 2021, says a study.
The Centre for Monitoring Indian Economy, a private think tank that calculates the country’s joblessness, marked the huge uptick in joblessness as several international agencies projected better economic growth in the nation.
More important, the rural unemployment has gone up to 10.82 per cent from 6.2 per cent whereas the urban unemployment stood at 8.44 percent, Bloomberg reported.
The rural unemployment could be attributed to set back in agriculture after India recorded weakest monsoon in five years.
Monsoon this time round in August was quite sparsely at its lowest since 1901 and the southern peninsular suffered sixth lowest rainfall in October in 123 years.
The report based on the study by the Centre for Monitoring Economy further said that nearly 10 million people entered the job market in October.
However, expansion in manufacturing and consumption helped urban areas report better in employment, the Think Tank reportedly said.
Given the absence of official monthly unemployment numbers, economist and policy researchers depend on the data collected by the Centre for Monitoring Indian Economy.
The Centre last month put the country’s unemployment rate for 2022-’23 at 3.2%.
The annual Economic Survey by the government in January predicted Gross Domestic Product to grow by 6% to 6.8% in the 2023-’24, according to reports.