The Centre for Monitoring Indian Economic system (CMIE) mentioned on Thursday that the nation’s unemployment charge stood at 6.9 p.c final month, which is way decrease than the 7.eight p.c clocked in February 2020.
“The unemployment charge has recovered to its pre-lockdown ranges. Nonetheless, restoration within the labor pressure participation charge and the employment charge stay considerably decrease than their ranges earlier than the lockdown,” the CMIE mentioned in its weekly evaluation.
In response to the information, the labor participation charge was 40.5 p.c in February 2021. That’s barely decrease than the 40.6 p.c recorded in January 2021 and 42.6 p.c in February 2020. “Because of this the proportion of working age people who find themselves employed or are unemployed and are actively looking for employment has declined,” the CMIE mentioned.
In the meantime, the employment charge dropped to 37.7 p.c in February in comparison with 39.four p.c in 2019-20. “The slide within the employment charge during the last three years continues. The speed has recovered from the steep fall earlier in fiscal 2020-21. Nevertheless it has merely reverted to its pattern of a gentle fall that was established earlier than the lockdown.”
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The CMIE additional mentioned that the depend of the employed has declined fairly sharply within the interval. In response to its analysis, some 405.three million individuals had been employed on common throughout July-February of the earlier fiscal 12 months. To match, round 395.2 million individuals had been employed in the course of the corresponding interval of the present 12 months.
“So, the post-lockdown interval is characterised by a 2.5 p.c fall in employment and 6.2 p.c fall within the depend of the unemployed. This interprets right into a 2.eight p.c contraction of the labor pressure,” the CMIE added.
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