The Indian Express: Unemployment rate in the country has zoomed to a high of 8.3% in December, and highest in 2022, according to data from Centre for Monitoring Indian Economy (CMIE). The unemployment rate during November was 8%, while in September it was the lowest at 6.43% and was at the second highest level during the year at 8.28% in August, the CMIE data stated. Read more
In the last month of 2022, the urban unemployment rate was at 10 percent and the rural joblessness stood at 7.5%.
To elaborate, among the states, unemployment continued to be the highest in Haryana at 37.4% in December, followed by Rajasthan at 28.5%, Delhi 20.8%, Bihar 19.1% and Jharkhand 18%.
According to Rituparna Chakraborty, TeamLease Services co-founder and executive vice president, CMIE Unemployment report at the face of it is an interesting bouquet of bad news and good news.
It means, on one hand, this so-called demographic dividend could possibly reach the end of the dividend runway in the near future resulting in unemployment going up in the short run on account of increased labour workforce participation which cannot be such a bad thing.
However, on the other hand, she meant that it is also a reminder how formal job creation is still way behind the run rate that needs to ensure inclusivity in the employment market.
CIEL HR Services managing director and CEO Aditya Narayan Mishra said there were no significant new employment opportunities in December.
He stated, "Consumer goods, automotives and financial services have had a good run around the festive season of September-December. To cater to this upswing, new jobs were created in August-September. Construction, engineering and manufacturing have not grown considering the inflationary pressures."
IT, outsourcing, tech-driven startups and services had remained low on activities in December, thus impacting employment negatively.
Travel, hospitality and tourism sectors have been on a high in December, however, they have not increased the employment significantly because they are optimising their resources now and backfilling the vacant spots. Pharma, healthcare and life sciences have remained stable in their employment.
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