Nearly 50 lakh people have lost their jobs between 2016-2018, the downward spiral coinciding with the note ban that was imposed in 2016 as per a report. However, “no direct causal relationship could be established” between the trends.
The report by Azim Premji University’s titled State of Working India was based on the CMIE-CPDX data presented the fact that India’s most unemployed demographic was the youth.
“In general, women are much worse affected than men. They have higher unemployment rates, as well as lower labour force participation rates,” according to the research.
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As per the report Both the Periodic Labour Force Survey and the CMIE-CPDX report the overall unemployment rate to be around 6 per cent in 2018, double of what it was in the decade from 2000 to 2011.”
The urban women are only about 10 per cent of the working population but over 34 per cent of the unemployed. The young group of 20-24 years are among the hugely unemployed ones. And it is worse for urban men, 60 per cent are unemployed out of the 13.5 per cent of the working age population.
In addition to rising open unemployment among the higher educated, the lesser educated people have also been hit by the wave of unemployment more so since 2016.