Unemployment Rate in February 2022: Due to lack of work in the villages, the unemployment rate in the country reached a record level of six months in February last month.
Unemployment Rate in February 2022: The unemployment rate in the country reached a record six-month high in February last month due to lack of work in the villages. A month before this, in January 2022, it was at a 10-month low. According to data released by the Center for Monitoring Indian Economy (CMIE), the unemployment rate in India stood at 8.1 per cent last month as compared to 6.57 per cent in January 2022. Last month, unemployment in villages was at a record level of eight months. According to CMIE data, joblessness in villages increased by 2.51 per cent to 8.35 per cent in February 2022. However, in contrast, the unemployment rate in cities stood at 7.55 percent last month, which is a four-month low.
Recovery in cities but unemployment in villages increased due to reduction in MNREGA budget
Experts in the labor sector say that the unemployment rate in cities is coming down due to the easing of lockdown restrictions and rapid recovery in both the formal and informal sectors. The unemployment rate of cities stood at 8.2 percent in November 2021, 9.3 percent in December 2021, 8.16 percent in January 2022 and 7.55 percent in February 2022. According to KR Shyam Sundar, Labor Economist and Professor of XLRI, due to the shortfall in the MGNREGA budget of some states and limited availability of new jobs in the non-farm sector in the villages, the unemployment rate in the villages rose and it reached an eight-month high in February. reached. According to Sundar, there is a need to bring down the unemployment rate in the villages, for which the government will have to play an active role and intervene immediately.
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unemployment rate 7.76% before corona
The unemployment rate in the country was 7.76 percent in February 2020, just before Corona, while it was 6.89 percent in February 2021 last year. The overall employment rate stood at 8.32 per cent in August 2021. Recently, in May last year, the unemployment rate was at a high of 11.84 per cent. This was the time when the country was under the shadow of the second wave of corona epidemic. In May, the unemployment rate was in double digits in both villages and cities. It was 10.55 per cent in villages and 14.72 per cent in cities.
(Article: Surya Sarathi Ray)
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