Weekly unemployment rate has inched up to 14.7%: CMIE.

Unemployment illustration

The rate of unemployment has been in the double digits at the end of the week on May 2. On Monday, the latest data was updated by the Centre of Monitoring the Indian Economy. The fact was highlighted that the lockdown had hurt the economy and jobs.

The weekly employment rate in India reached upto 14.7% in the last week; marginally, it was higher from the previous rate, which was 14.5%. 

Mahesh Vyas, the managing director and CEO of CMIE, said, “The only time the unemployment rate lurched into double-digits was when India was shut down by the nationwide lockdown during April and May 2020. There is no similarly draconian lockdown now, although there are several local restrictions that restrain mobility in varying but distinctly milder degrees. The double-digit unemployment rate seen in recent times indicates that even these restrictions are taking a toll on the Economy.”

He also said that the employment rate in the urban area has been rising continuously since April 2021. On April 1, the rate of unemployment was noted to be 7.2%. By May 1, it reached 9.6%. According to Vyas, the rise of unemployment in rural areas was a recent phenomenon. Vyas economist said, “Employment in rural India in April received substantial support from the Centre’s MGNREGS.”




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