New Delhi: Industry trade in the country is in bad shape at present. Day in and day out, there is a negative report of some company. Because of that, jobs are going. Most of the hitting is on people working in the private sector. Several companies have banned the restoration. The sectors that are most affected include banking, insurance sector, auto industry, logistics and infra. While new recruits are not being recruited in these sectors, people are being evacuated or sent on long leave.
The unemployment rate in the country is now 6.1 percent, its highest ever level. This is the highest among men since 1977-78 and in women since 1983. According to the Periodic Labour Force Survey, the number of unemployed people in 2017-18 is 2.85 crore, which was 1.08 crore in 2011-12. In 1999-2000 and 2011-12, the figure was one crore.
CMIE data says that sales in 4953 companies operating in the country have fallen continuously since 2012-13. There was a slight recovery in 2016-17 and 2017-18, but it was completely temporary. After the failure, the companies decided to reduce their salary bills. This is so that they can improve their declining financial health a little bit.
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