Unemployment Rate in India Raised to 7.83% in April 2022

BANKING AND ECONOMY

In the month of April 2022, the unemployment rate in India rose to 7.83% because of the sluggish domestic demand and the slow pace of economic recovery amid rising prices. The data was released by the Mumbai-based Centre for Monitoring Indian Economy (CMIE).

The unemployment rate was raised from 7.60% in the month of March 2022.

In the month of April 2022, the urban unemployment rate rose to 9.22% from 8.28% the previous month, while the rural unemployment rate slipped to 7.18% from 7.29%.

Among the states/UT, the Unemployment rate was the highest in Haryana (34.5%). It was followed by Rajasthan (28.8%), Bihar (21.1%) and Jammu and Kashmir (15.6%).

In the same month, the Labour Force Participation (LFP) rate and the employment rate also increased, which shows a good development. Between 2017 and 2022, the overall labor participation rate dropped from 46% to 40%. LFP rate is the proportion of people in employment or seeking work among the working population.

In the previous month, the Retail inflation rose to a 17-months high at 6.95% and it was estimated that the Retail inflation may peak at around 7.5% later this year. The inflation based on the Wholesale Price Index (WPI) rose to a four-month high of 14.55% in March from 13.11% in February of this year.

 

   Important points for the exam:

  • The Mumbai-based Centre for Monitoring Indian Economy (CMIE) released data on the unemployment rate in the month of April 2022.
  • The unemployment rate in India rose to 7.83% in April 2022, from 7.60% in the month of March 2022.
  • The urban and rural unemployment rate rose to 9.22% and 7.18% respectively.
  • The Labour Force Participation (LFP) rate and the employment rate also increased in this month.
  • LFP rate is the proportion of people in employment or seeking work among the working population.

   Facts to know:

  • Inflation is the rate of increase in prices over a given period of time.
  • The Centre for Monitoring Indian Economy (CMIE) was established in 1976.
  • The monthly unemployment data was published for the first time in Indian history in 2016.
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