According to the latest data released by the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in India has plummeted to a four-month low in India with at least 32 lakh people losing their jobs despite significant revival in economic activity.
Going through the data, it is evident that 7.64 crore people had salaried jobs in July 2021 compared to July 2019 with 8.6 salaried employees.
Further, 26 lakh people from urban India lost jobs even as the urban unemployment rate slumped to 8.3 percent in July as against 10.07 percent in June. As per the data, urban joblessness rate was calculated at 9.78 percent in April and 14.73 in May.
In Rural India, the unemployment rate fell down to 6.34 percent in July from 8.75 in June. Joblessness in rural areas started increasing from March when it was 6.15 percent reached 7.13 percent in April and 10.63 per cent in May.
It is a sign of recovery that India’s unemployment rate declined to 6.95 percent in July as against 9.17 per cent in June. In March, India registered a joblessness rate of 6.5 percent which jumped to 7.97 percent in April and reached to 11.9 percent in May, according to the CMIE data report.
The figure for small traders and wage laborers increased to over 3.04 crore in July which saw a spike of 24 lakh as compared to the June figure. The month of July also saw addition of 30 lakh farmers.
Other signs of recovery include increased sale of diesel and cars. Also GST collections crossed Rs 1 lakh crore as against Rs 92,849 crore in June.
