The situation is more concerning in the rural areas where unemployment last month was pegged at 5.97%. However, this month it rose to 7.37%.
New Delhi| India continued to witness rise in the unemployment rate even in 2020. The fresh data released by the Centre for Monitoring Indian Economy (CMIE) pegged India’s Unemployment rate at 7.78% in February. As per CMIE, this is the highest since October 2019. In January 2020, the unemployment rate was recorded at 7.16%. The rising joblessness reflects the impact of the economic slowdown.
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The situation is more concerning in the rural areas where unemployment last month was pegged at 5.97%. However, this month it rose to 7.37%. In the Urban Areas, CMIE data showed that the Rate fell to 8.65% from 9.70%.
In the last three months of 2019, the Indian economy grew at its slowest pace in more than six years. The analysts further predicted a grim situation for the economy with global coronavirus outbreak fears.
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