Unemployment quota highest in 45 years, says Report

 SMTV Desk 2019-01-31 15:49:56  unemployment rate, india, bjp government
Unemployment quota highest in 45 years, says Report

New Delhi, Jan 31: India s unemployment rate rose to a 45-year high during 2017-2018, the Business Standard newspaper on Thursday quoted a government survey as showing, in the latest setback for Prime Minister Narendra Modi just months before a compressing election.

The estimation by the National Sample Survey Office conducted between July 2017-June 2018, showed the unemployment rate stood at 6.1 per cent, the highest since 1972-73.

The survey has become a political issue after the acting chairman and another member of the body that reviewed the job data resigned saying there was lag in its release.

As per Business Standard it showed that joblessness stood at 7.8 per cent in urban areas compared with 5.3 parts in the countryside.

The data is momentous because this was the first far-reaching valuation of the employment situation conducted after Modi’s decision in November 2016 to withdraw most of the country’s banknotes from circulation overnight, the report showed.



India’s economy has been expanding by 7 per cent plus annually -- the fastest pace among major economies -- but the uneven growth has meant there are not enough jobs created for millions of young Indians entering the workforce each year. This has put pressure on Modi as he seeks to retain power in a general election due by May.

Earlier this month, the Centre for Monitoring Indian Economy, a leading independent think-tank, said the country lost as many as 11 million jobs last year.