Data on Unemployment
The data from the labour force survey from the National Statistical Organisation (NSO) makes the following observations about the unemployment trends in the country:
- The unemployment rate was 6.1 per cent of the total labour force during 2017-18 which was the highest in 45 years.
- The figures are significant for the fact that the year 2017-18 was the year in which the government undertook the demonetization of high currency notes.
- About 7.8 per cent of all employable urban youth were jobless and the percentage for the rural employable youth stood at 5.3 per cent.
- The unemployment rate among male on all India basis was 6.2 per cent and among the females was at 5.7 per cent.
India is under a double whammy of reducing growth rate and higher rates of unemployment. This puts an additional onus on the new government to take steps that can lead to significant job creation along with a revival in GDP growth.