India’s unemployment rate rises to 3-month high of 7.8% in March

India’s unemployment rate rises to 3-month high of 7.8% in March

Subject: Economy

Section: Unemployment and Inflations

Context: India’s unemployment rate rose to a three-month high in March to 7.8percentasthecountry’slabour markets deteriorated, according to data from the Centre for Monitoring Indian Economy (CMIE).

Concept:

• Unemployment rate is defined as the percentage of persons unemployed among the persons in the labour force.

PLFS

• NSO launched the PLFS in April 2017. The first annual report (July 2017-June 2018) was released in May 2019
• According to the third annual report on Periodic Labour Force Survey (PLFS), conducted by the NSO between July 2019 and June 2020, the unemployment rate fell to 4.8 per cent in 2019-20
• . In 2018-19, it stood at 5.8 per cent and 6.1 per cent in 2017-18.

CMIE

• According to the Centre for Monitoring of Indian Economy (CMIE), the monthly jobless rate which rose to 23.52 per cent in April 2020, it was 10.18 per cent in June 2020,
• CMIE is a leading business information company. It was established in 1976, primarily as an independent think tank.
• CMIE produces economic and business databases and develops specialised analytical tools to deliver these to its customers for decision making and for research. It analyses the data to decipher trends in the economy.