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India under severe employment crisis, jobless rate rises to 7.78%

Syed Umarullah HussainiWeb Editor

02nd Mar, 2020. 10:29 am
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India faces severe employment crisis as jobless rate in the extremist Modi regime rises to 7.78%, highest in 4 months said Centre for Monitoring Indian Economy.

Reuters reported that India faces severe employment crisis as jobless rate in the extremist Modi regime rises to 7.78%.

India’s economy expanded at its slowest pace in more than six years in the last three months of 2019.

Modi Government that spent millions of dollars on defence and accommodating state guests, brutally failed to provide jobs to day by day increasing graduates in the country.

India’s unemployment rate rose to 7.78% in February, the highest since October 2019, and up from 7.16% in January, according to data released by the Centre for Monitoring Indian Economy (CMIE).

Analysts predict further deceleration as the global coronavirus outbreak stifles growth in the country.

In rural areas, the unemployment rate increased to 7.37% in February from 5.97% in the previous month,

While in urban areas, it fell to 8.65% from 9.70%, the data released by CMIE, a Mumbai-based private think-tank showed.

India Job Crisis 2019

Earlier, in May 2019, India’s unemployment rate rose to 6.1% in the 2017/18 fiscal year.

The data, that has been repeatedly delayed, was released a day after Prime Minister Narendra Modi was sworn in for his second term.

Indian voters gave him a big mandate in the general election that ended this month despite concerns over jobs and weak farm prices.

The unemployment number comes as another set of data released on Friday showed that the economy grew at 5.8% in the January-March period, its slowest pace in 17 quarters, and falling behind China’s pace for the first time in nearly two years.

The 6.1% figure matches data earlier leaked to the Business Standard newspaper in January, that said it was the highest level in at least 45 years.

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