The unemployment rate in India is increasing at an exponential rate and this may lead to many issues over our economy. The week ending August 9 showed a rise in rate to 8.67 per cent, which again increased to 9.1 per cent in the week ending August 16. When the joblessness touched 9.6 per cent in urban India it was 8.8 per cent in the rural areas.
The condition in the Indian job market seems to be fallen again with the signs of reversal in August 2020, after a significant improvement in June and July. The swelling of the unemployment rate is over 23 per cent in April and May which then showed an improvement of 10.9 per cent in June which again improved in July to show a 7.4 per cent, however, the weekly rate of unemployment data in August has shown a considerable decrease again. The unemployment rate increased to 8.67 per cent in the weekly data i.e., August 9 which against shot up to 9.1 per cent in the week of August 16, according to the reports given by Centre for Monitoring Indian Economy (CMIE).
It was for the first time when the unemployment rate crossed the 9 per cent mark in the week ending June 14. Urban India and rural India have different unemployment rates like 9.6 per cent for urban and 8.8 for rural. The latest report given by ILO and ADB states that 41 lakh youth population in our country may lose their jobs because of the continuous disruption in the business activities. The containment measures are still going on after having some ease of movement and restrictions. If we take a 6-month scenario, the chances of unemployed people to increase are high. The report predicted it as to be almost 61 lakh people. The farming sector and construction industry will face a huge impact when compared to other sectors. In the meantime, the Garib Kalyan Rojgar Abhiyaan (GKRA) is taking complete actions on mission mode to provide jobs to migrant workers who go back to their villages namely six states, Bihar, Jharkhand, Odisha, Uttar Pradesh, Madhya Pradesh and Rajasthan, a statement said by Ministry of Rural Development. The campaign is on its seventh week and the government said that, a total of 21 crore working days employment have already been provided and Rs 16,768 crore has been spent on this project.
