Unemployment rate in India reached above 27 percent in May, people working in unorganized sector suffered more
The unemployment rate in the country is continuously increasing due to the lockdown implemented in the country due to Corona. The Center for Monitoring Indian Economy (CMIE) has released a survey report on unemployment in the country. According to this survey report, by 3 May 2020, the unemployment rate in the country has risen to 27.1 percent.
Unemployment increased 14.8 percent in April
According to the survey report released earlier, in April 2020, the unemployment rate in the country rose to 23.5 percent. In April alone, the unemployment rate had increased by 14.8 percent. There was a sharp increase in the unemployment rate in April compared to the previous month.
Unorganized areas increased more unemployment
Chief Executive of CMIE Mahesh Vyas said that the number of unemployed people may increase further due to the long run of lockdown. Initially, people working in unorganized sectors have lost their jobs. But now gradually, the jobs of organized and secure jobbers are also under dark cloud. The startup has announced lay-offs and industry associations have warned of job losses. Vyas said that the number of people looking for jobs has also increased. It increased to 36.2 percent on 3 May from 35.4 previously.
More than 12 crore people became unemployed
The CMIE study estimated that daily wage workers and small businessmen became the most unemployed in April. According to the survey, more than 12 crore (122 million) people have lost their jobs. These include hawkers, roadside vendors, construction industry workers and many people who used to live on rickshaws. Let us tell you that many government metrics are adopted to monitor jobs in the unorganized sector in India. For example, the CMIE survey is used as a proxy to monitor the labor market.
