India’s employment rate improved by 3.3%, week ended June 14: CMIE
India’s employment rate improved considerably by 3.3% for the week ended June 14 at 35.7% in comparison with 32.4% for the week earlier than that. The improvement comes as offices, shops, and self-employment avenues reopened after the government lifted nearly all lockdown curbs after more than two months.
The ongoing summer crop planting season and the rural job guarantee plan also provided employment opportunities to people in the villages.
Consequently, the rural job loss rate saw a steeper drop than the overall unemployment figures, CMIE said, declining to 10.96% in the week to June 14 from 17.71% in the previous week. That compares with the job loss rate of 8.29% in rural India and 8.41% nationally in the week to March 22, three days before the lockdown was implemented.
The urban unemployment rate at 13.1% is higher than both the rural and overall job loss rate, CMIE said.
The national unemployment rate fell sharply to 11.63% in the week ended June 14 from 17.51% in the previous week, bringing the job loss rate closer to the levels prevailing before the lockdown, a survey by the Centre for Monitoring Indian Economy (CMIE) found.
“In India, the employment rate fell by an enormous 10 proportion factors instantly upon the imposition of the lockdown, crashing to 29.9% within the week ended March 29, which was the primary week of lockdown,” it mentioned, including it stored on falling since then until it touched a low of 26.1% within the week ended April 19 after which it beginning bettering.
Based on CMIE, a lot of the labour participation that was misplaced through the lockdown has been regained however the acquire in employment has been lesser and largely within the casual and self-employed employee class. “The worst appears to be over. Whereas we are going to know of the composition of this restoration in early July, it’s protected to anticipate that labour productiveness will stay low within the midst of the continued partial lockdown,” it mentioned.
However, the unemployment rate in India continued to fall from its peak in April and May and stood at 11.6% for the week ended June 14 compared to17.5% in the first week of June and 23.5% each in April and May.
Source- CMIE, Economic Times, Hindustan Times