India’s unemployment is the major issue the country is facing in today’s time. The govt, the opposition and the citizens often have clashed for the reason. The Indian unemployment rate dropped to the lowest in the past 4 years in September 2022.
The jobless rate sharply fell to 6.43%, data from the Centre for Monitoring Indian Economy Pvt. showed. The reading is the lowest since August 2018 and compares with a one-year high of 8.3% in August.
The decline is seen even after 10 million new jobs were added; the workers who entered the market couldn’t find any work. In rural areas, the unemployment rate declined to 5.8% from 7.7% in August, while in urban areas it stood at 7.7%, lower than 9.6% in the previous month.
To a surprise, this data came just before the Indian festive season which typically aids employment growth and aids job growth. Strong demand in the services sector along with steady monsoon rains also likely boosted employment opportunities.
India’s economic expansion has been at one of the fastest rates in the world, but not enough to create jobs. That has led to some discontent among the country’s youth while giving ammunition to opposition parties to ratchet up the rhetoric against unemployment.