The chances of economic recovery in the world’s second-most populous country – India – look bleak as the unemployment rate in the urban centres in India has touched its highest level in almost eight months – nearing a double-digit mark.
The 30-day rolling average of unemployment in urban India, as on date, stands at 9.7%, the levels last seen in September 2020, when the country was going through its worst phase of recession in the history.
At its peak level, on 12 May 2020, as much as 26.31%, making up more than one-fourth of the urban workforce in India, was jobless.
According to the data available with Centre for Monitoring Indian Economy (CMIE), the total unemployment in the country stands at 7.9% as on date – primarily due to the cushion provided by the rural regions. As agricultural activities in the country go on as usual, the rural unemployment is far lower than the urban – standing 260 basis points lower at 7.1%.