Unemployment Rate in India Jumps to 7.78% in February 2020, Rural Region Worst Affected: CMIE

Mumbai, March 2: The Centre for Monitoring Indian Economy (CMIE) on Monday published a data showing that India’s unemployment rate rose to 7.78 percent in February, which is highest in last four months. The CMIE also stated that the unemployment rate of India rose by 0.62 percent in February in comparison to the previous month.

According to data compiled by the Mumbai-based private think-tank and reported by Reuters, the rise in unemployment could be due to global economic slowdown, which has also impacted the country in last couple of quarters. The agency also claims that the rise in jobless rate in India reflects the impact of a slowdown in the economy. Unemployment Rate in India Rises to 7.16% in January 2020, Urban Region Worst Affected At 9.7%: CMIE.

Among the other minutes, the CMIE said that the unemployment rate increased to 7.37 percent in February from 5.97 percent in the previous month in the rural sector. While added, that for urban areas it fell to 8.65 percent in February from 9.70 percent that in January 2020.

Earlier on February, the CMIE had published a data showing India's unemployment rate of 7.16 percent in January 2020, which was 0.5 notches down that previous data compiled in December 2019. It had also stated that urban unemployment recorded was 9.7 percent.

Recently, Moody's Investors Service revised its growth forecasts for India to 5.4 per cent for 2020 calendar year and 5.8 percent for 2021, down from its previous projections of 6.6 percent and 6.7 percent. It also predicted that India's economic recovery will likely be shallow.

(The above story first appeared on LatestLY on Mar 02, 2020 06:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).