Description

The unemployment data was just issued by the Centre for Monitoring Indian Economy. According to the research, India's unemployment rate in January 2022 was 6.57 percent. This is the lowest level since March 20, 2021. The improvement occurs as the country's lockdown limitations have been relaxed.

In January 2022, the unemployment rate will be 12%

The urban unemployment rate was 8.16 percent. In rural regions, it was 5.84 percent. The country's unemployment rate was 7.91 percent in December 2021. It was 9.3 percent in cities and 7.28 percent in rural areas.

In January 2022, Telangana had the lowest unemployment rate. The figure was 0.7 percent, Gujarat had the second lowest rate at 1.2 percent. Meghalaya had the third lowest rate, at 1.5 percent, followed by Odisha (1.8 percent).

Haryana had the highest percentage of unemployment, at 23.4 percent. Rajasthan has the second highest (18.9 percent).

The overall number of jobless people in India is 53 million as of December 2021. The bulk of these were women, approximately 35% of the Indian population is actively seeking for jobs. This figure includes 8 million females. Another 17 million individuals are out of work. These folks would be willing to work if jobs were available. They were not, however, actively seeking for work.

Current Situation

The educated and highly qualified are willing to accept low-wage employment. The ignorant, on the other hand, are eager to accept any job that comes their way. Three-fourths of the country's workforce is self-employed. They are not eligible for social security payments.

Only 2% of the workforce is employed. They are entitled to social security benefits such as maternity benefits, health care benefits, and a retirement savings plan.

Only 9% hold official occupations and are eligible for at least one social security payment. There are 45 percent of paid workers make less than 9,750 rupees per month.

Inference

Despite its progress, India is suffering a massive unemployment challenge. The reason for this is because India's growth is concentrated on the service sector rather than industry.

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