Centre for Monitoring India Economy (CMIE) has shown data that reports the unemployment rate in India has reached 27.11% for the week ending on May 3 from the level of 6.74% in the week that ended on March 15, 2020.
Since the government has suspended all the economic activities to combat the spread of COVID-19, the unemployment rate in India has spiked tremendously.
The Mumbai based think tank stated that the unemployment rate was seen highest in the urban areas, constituting most of the red zones due to the highest number of COVID-19 cases.
Key Highlights:
• The unemployment rate had a moderation of 21.05 per cent in the week which ended on April 26 from 26.19% in the week before.
• The unemployment rate of 29.22 per cent can be seen in urban areas while rural areas reported the rate to be 26.16 per cent.
• In the week ending on April 26, the unemployment rate in urban areas stood at 21.45% and in rural areas, it was 20.88 percent.
• As per the data from CMIE, the monthly unemployment rate in April was 23.52 percent from March’s 8.74%.
• The economists had predicted the increased rate of unemployment ever since the lockdown was imposed by PM Narendra Modi in March 2020 to combat COVID-19.
States with unemployment rates at the end of April 2020:
• Puducherry in South India recorded the highest number of the unemployment rate at 75.8 percent.
• Tamil Nadu with 49.8 per cent.
• Bihar had an unemployment rate of 46.6 per cent.
• Jharkhand reported 47.1 per cent.
• CMIE reported Maharashtra’s unemployment rate at 20.9 per cent.
• Haryana recorded 43.2 per cent
• Karnataka 29.8 per cent.
• Uttar Pradesh recorded 21.5 per cent
• Hilly states showed a low unemployment rate with Himachal Pradesh at 2.2 per cent, Uttarakhand at 6.5 per cent and Sikkim at 2.3 per cent.
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