India's unemployment rate at four month high, rural job growth outpaces urban
A closer look at the data shows that the jobs situation is improving. The rise is in unemployment rate came on the back of higher labour participation, which has risen to 41.9 percent from 39.7 percent in March.
India's unemployment rate surged to a four-month high in April at 8.11 percent, compared to 7.14 percent in March according to the Centre for Monitoring Indian Economy (CMIE).
However a closer look at the data shows that the jobs situation is improving. The rise is in unemployment rate came on the back of higher labour participation, which has risen to 41.9 percent from 39.7 percent in March.
CMIE's Mahesh Vyas highlights that more people asking for jobs could indicate optimism about getting a job. Vyas adds that the labour force rose by 25.5 million in April and 87 percent of them got jobs and the balance went to the unemployment section.
He also highlights that rural jobs are growing faster than urban. In rural India, 20.3 million people entered the workforce and 95 percent of them got jobs. However, in urban India, 5.2 million people entered the workforce, but only half of them got jobs.
Also Read: 14 million jobs worldwide will vanish in the next 5 years says WEF, here are the roles in focus
First Published: May 2, 2023 5:35 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM