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.