Categories: Business

India's unemployment rate rise to 27 percent amid COVID-19

unemployment rate rise to 27%

new Delhi. The Center for Monitoring Indian Economy (CMIE) said the unemployment rate in the country rose to 27.11 percent during the week of May 3 due to the Kovid-19 crisis. The rate was less than seven percent at the time of the epidemic picking up in mid-March. The Mumbai-based think tank said that the unemployment rate was highest at 29.22 per cent in urban areas with the highest number of red zone areas most affected by Kovid-19 infection. The unemployment rate in rural areas was 26.69 percent. Analysts warned of unemployment when Prime Minister Narendra Modi implemented a nationwide lockdown on March 25 to prevent virus infection. The lockdown brought economic activity to a standstill, and the migration of large numbers of migrant laborers from urban centers such as Delhi and Mumbai proved analysts' fears to be correct. The government has so far announced a fiscal stimulus of Rs 1.70 lakh crore to deal with the crisis, the bulk of which is to provide income and food assistance to the economically weaker sections.

According to data from CMIE's weekly series, unemployment has been steadily increasing since the onset of the Kovid-19 epidemic in India and stood at 23.81 percent during the week ended March 29. According to CMIE data, the monthly unemployment rate in April was 23.52 percent. According to the data, Puducherry had the highest unemployment of 75.8 percent at the end of April. This was followed by 49.8 percent in the neighboring state of Tamil Nadu, 47.1 percent in Jharkhand and 46.6 percent in Bihar. According to CMIE, the unemployment rate in Maharashtra was 20.9 percent, while it was 43.2 percent in Haryana, 21.5 percent in Uttar Pradesh and 29.8 percent in Karnataka. According to CMIE, the unemployment rate in the hill states has been very low. In Himachal Pradesh this rate was 2.2 percent, Sikkim 2.3 percent and Uttarakhand 6.5 percent.

This post was published on May 5, 2020 10:29 pm

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