45 year high in unemployment… India

India is facing a 45year high in unemployment. As per CMIE, about 21 crore salaried people have lost jobs between Apr- Aug. Rising levels of unemployment have been brought into sharp focus by a sharp contraction of 23.9% in India’s GDP in the first quarter. The total number of unemployed went up from 10 million in 2011-12 to 30 million in 2017-18. Those between ages 15 and 29 were the most affected. The total number of unemployed youth went up marginally from 8.9 million in 2004-05 to 9 million in 2011-12 but shot up to 25.1 million by 2017-18. The worst affected were salaried jobs which saw a reduction of 21 million between the start of April and August end 2020, CMIE said in its report. India needs to add around 10 mn to 12 mn new jobs each year for the coming decade, suggests CMIE

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