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Unprecedented 27% Steep Spike in unemployment rate in India : CMIE

[splco_heading size=”15″ align=”left” margin=”30″]The Centre for Monitoring Indian Economy (CMIE) has reported COVID-19 crisis has added to a spike in the country’s unemployment rate to 27.11 per cent for the week ending on May 3, that is up from the under 7 per cent level before the start of the pandemic in mid-March,[/splco_heading]
 
CMIE think tank said the rate of unemployment was the highest in the urban areas, which constitute the most number of the red zones due to the COVID-19 cases, at 29.22 per cent, as against 26.69 per cent for the rural areas.
 
The US has seen a huge spike in unemployment as over 26 million people have claimed for state support because of losing their jobs.
 
As per CMIE’s data, the monthly unemployment rate in  India during April stood at 23.52 per cent, up from March’s 8.74 per cent.
 
As of the end of April, Puducherry in South India had the highest number of unemployment at 75.8 per cent, followed by neighbouring Tamil Nadu 49.8 per cent, Jharkhand 47.1 per cent and Bihar 46.6 per cent.
 
Maharashtra’s unemployment rate was pegged at 20.9 per cent by the CMIE, while the same for Haryana stood at 43.2 per cent, Uttar Pradesh at 21.5 per cent and Karnataka at 29.8 per cent.
 
Hilly states had the lowest incidence of unemployment as of April, the think tank said, pointing out that the rate in Himachal Pradesh stood at 2.2 per cent, Sikkim at 2.3 per cent and Uttarakhand at 6.5 per cent.

Splco Reporter
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