India’s Unemployment Rate At A 45-Year High In 2017-18
New Delhi: An assessment by the National Sample Survey Office has revealed that India’s unemployment rate rose to a 45-year high during 2017-2018. The revelation comes as a major setback for Prime Minister Narendra Modi, a day before the Union Budget.
The assessment, conducted between July 2017-June 2018, showed the unemployment rate stood at 6.1 per cent, the highest since 1972-73. The report claimed that joblessness stood at 7.8 per cent in urban areas compared with 5.3 per cent in the countryside.
The survey, as well as the revealed data, became a political issue after head of the government-funded National Statistical Commission PC Mohanan said on Wednesday that he and colleague J Meenakshi were unhappy at the non-publication of jobs data that had been due for release in December and alleged interference by other state agencies over backdated GDP data.
Economists had already warned of dwindling employment rate in the country in the aftermath of demonetisation, helmed by Prime Minister Narendra Modi in November 2016
Notably, India’s economy has been expanding by 7 per cent annually. However, the growth is uneven and there are not enough jobs created for millions of young Indians entering the workforce each year. This is a cause of concern for Prime Minister Narendra Modi, who is seeking to return to power in the upcoming general elections.