India’s Unemployment Rate Rises to 8.30% in Dec 2022: According to information from the Centre for Monitoring Indian Economy, the unemployment rate in India increased to 8.30% in December 2022, the highest level in 16 months (CMIE). It was 8 per cent in the month of November. According to the report, although urban unemployment increased to 10.09% in December from 8.96% in November, rural unemployment decreased to 7.44% from 7.55%.
January 2023 Current Affairs Quiz
The Urban-Rural Gap:
The urban unemployment rate rose to 10.09% in December from 8.96% in the previous month, while the rural unemployment rate slipped to 7.44% from 7.55%.
Is The Unemployment Data a Worrisome Case:
- The rise was “not as bad as it may seem,” as there was a simultaneous increase in the labour participation rate, which rose to 40.48 per cent in December, the highest in 12 months.
- Most importantly, the employment rate has increased in December to 37.1%, which again is the highest since January 2022.
- The unemployment rate had declined to 7.2% in the July-September quarter compared to 7.6% in the previous quarter, according to separate quarterly data compiled by state run National Statistical Office (NSO) and released in November.
State-wise Unemployment Rate:
The unemployment rate in the northern state of Haryana increased to 37.4% in December, while it was 28.5% in Rajasthan and 20.8% in Delhi.
What is Labor Force Participation Rate:
Labor Force Participation Rate (LFPR) is known as the section of the working population in the age group of 16-64 in the economy currently employed or either seeking employment.