Unemployment Rate Falls To Four-Month Low Of 7.14% In January: CMIE
The unemployment rate during December 2022 was 8.30%, while it was 8% in November and 6.43% in September, the CMIE data stated.
India's unemployment rate declined to a four-month low of 7.14% in January, data from the Centre for Monitoring Indian Economy showed on Wednesday.
The unemployment rate during December 2022 was 8.30%, while it was 8% in November and 6.43% in September, the CMIE data stated.
While urban unemployment was at 8.55% during January, rural joblessness stood at 6.48%, according to the data.
Among the states, unemployment was the highest in Jammu and Kashmir at 21.8%, closely followed by Haryana at 21.7% and Rajasthan at 21.1%.
Joblessness in Delhi in January was at 16.7%, Goa at 16.2%, Assam at 16.1% and Tripura at 16%, the data added.
It further revealed that unemployment was the lowest in states like Chhattisgarh at 0.5% followed by Odisha at 1.5%, Tamil Nadu at 1.8% and Madhya Pradesh at 1.9%.
"It is safe to say that employment has improved over the last few quarters, however, we still have a long way to go given each year in absolute terms we have added nearly 20 million to the workforce, making the gap wider day by day", TeamLease Services co-founder Rituparna Chakraborty said.
CIEL HR Services CEO Aditya Narayan Mishra opined that the unemployment rate witnessed the lowest rate in January 2023 compared to the last three months, which is a good start to the year.
The unemployment rate has been wobbling in the last few months due to various economic and geopolitical factors, he noted.
"IT, technology and startups have suffered in the last six months, however, we anticipate more jobs to be created over the months of 2023, which will reduce the rate further".
"Budget 2023 has also focused on job creation in agritech, education, tourism, infrastructure, healthcare, financial services, healthcare and MSME sectors, indicating that the unemployment rate may continue to fall in the following months", he said.
Skilling initiatives will equip people to have the right skills that are required to fulfil the job requirements of various sectors, Mishra added.