50 Lakh People Lost Jobs Due To Demonetisation In 2016: Reports
New Delhi: A fresh study conducted by the Centre for Sustainable Employment (CSE) at Azim Premji University has revealed that job loss in the country has been steadily rising in the past decade, hitting its worst levels after 2016 when over 50 lakh people lost jobs due to demonetisation.
The CSE report titled ‘State Of Working India 2019’ revealed that 50 lakh men lost their jobs between 2016 and 2018, and the beginning of the decline of jobs coincided with demonetisation in November 2016.
However, the report adds that “no direct causal relationship can be established based only on these trends”.
The report is based on data from the Consumer Pyramids Survey of the Centre for Monitoring the Indian Economy (CMIE-CPDX). CMIE is an independent economic think tank headquartered in Mumbai.
The university’s study draws from this CMIE survey of about 1,60,000 households conducted every four months.
NITI Aayog vice-chairman Rajiv Kumar has rejected the claims made by this report, saying it was incorrect to compare the PLFS data with earlier NSSO reports as their methodologies different.
However, now the CSE report reveals that both the PLFS and the CMIE-CPDX studies show that the overall unemployment rate was around 6 percent in 2018, double of what it was in the decade from 2000 to 2011.