India’s unemployment rate has increased to 7.8% in the month of March(as per the data from the Centre for Monitoring Indian Economy), which has been marked a 3 month high and showing a decline in the country’s labor market conditions. As per the statistics the unemployment rate in urban areas of India reached 8.4%, while in rural areas it stood at 7.5 %.
“India’s labour markets deteriorated in March 2023. The unemployment rate increased from 7.5 per cent in February to 7.8 per cent in March. The effect of this is compounded by the simultaneous fall in the labour force participation rate, which fell from 39.9 per cent to 39.8 per cent,” CMIE managing director Mahesh Vyas was quoted as saying by PTI.
