The unemployment rate in India has increased to 7.78 percent in February, which is the highest since October 2019. Earlier, the unemployment rate in January was 7.16 percent. The data was released on Monday by the Center for Monitoring Indian Economy (CMIE). In addition, this figure shows the impact of sluggishness on the economy. At the same time, the Indian economy has grown at the slowest pace in the last three months of 2019, more than the last six years. At the same time, analysts predict that further sluggishness can be seen in this third major economy of Asia due to the global outbreak of Coronavirus.
Reduced unemployment rate in urban areas
According to CMIE data, the unemployment rate in rural areas increased to 7.37 percent in February from 5.97 percent in the previous month. At the same time, it has come down to 8.65 in urban areas as compared to the previous rate of 9.70.
Manufacturing PMI declined in February
Meanwhile, the manufacturing PMI figures were also released on Monday. According to these figures, the pace of activities in the manufacturing sector has been slower in February than in January. Along with this, the Manufacturing Purchasing Managers' Index (PMI) of IHS Markit was at 55.3 in January, which has come down to 54.5 in February. On the other hand, due to concerns about global economy due to the spread of Coronavirus outside China, demand from other countries in February was lower than in January.
India's February jobless rate rises to 7.78%, highest in 4 months - CMIE https://t.co/fe2XzWMJPA pic.twitter.com/s8zJuCPc79
— Reuters India (@ReutersIndia) March 2, 2020
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