Unemployment Rate in India Drops to 23.97% From 27.11% as Govt Lifts Some Curbs During Lockdown 3.0 & Economic Activity Starts
The country's unemployment rate slipped to 23.97 percent in the week ended May 10 as the government lifted some curbs on economic activity, including agricultural activities and other businesses. The job loss rate was 27.11 percent in the week ended May 3, according to the Centre for Monitoring of Indian Economy (CMIE).
New Delhi, May 12: The country's unemployment rate slipped to 23.97 percent in the week ended May 10 as the government lifted some curbs on economic activity, including agricultural activities and other businesses, according to a Live Mint report. The job loss rate was 27.11 percent in the week ended May 3, according to the Centre for Monitoring of Indian Economy (CMIE).
The country is in the middle of the third phase of the nationwide lockdown. India’s major cities are still under lockdown as most of these have been identified as red zones. The total number of coronavirus cases increased to 70,756 and the death toll has jumped to 2,293. PM Narendra Modi had a video conference meeting with Chief Ministers of all the states on Monday to discuss the possible lockdown exit strategy and how to revive the economy. PM Narendra Modi Hints at Lockdown 4.0, Asks State Governments to Share 'Broad Strategy' by May 15.
PM further suggested that there would be an extension of lockdown, but the relaxations could be greater than what was seen in the third round of shutdown. In the ongoing phase of lockdown, the government has permitted a number of relaxations in regions categorised as green and orange zones. Over the last few weeks, several rating agencies have lowered the growth forecast for India.
(The above story first appeared on LatestLY on May 12, 2020 10:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).