Nowadays youth are most worried about unemployment, people are constantly getting frustrated in the matters of jobs. The unemployment rate has increased once again in February and it has reached the highest level of 4 months. According to the CMIE report, along with the economic slowdown, due to Coronavirus, the situation on the job front is likely to worsen.
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Unemployment has become the biggest headache for the Modi government. The government has felt desolate every time on the employment front. If the EPFO figures in December or the unemployment rate figures in February. Every time the effect of the decline is seen. According to CMIE data, the unemployment rate in February has been the highest in the last 4 months. The unemployment rate in February has increased by 0.62% to 7.78% as compared to January. How many of the working people were seeking employment in a given time, but they are not getting work. However, it is also not right to consider these figures to be 100% correct regarding the unemployment rate in India.
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There is neither strictly minimum wage rate in India nor any restriction on working hours. Apart from the unemployed people, there is another big part of India which works on very low wages or contract. There is also a section which gets attached to some business unit for a short time due to lack of right employment. This is also a kind of partial unemployment which is not visible in the formal figures. This report on the unemployment rate shows that the economic downturn is having an impact on the economy as well. In the coming times due to the spread of coronavirus in China, there is a possibility of economic slowdown and increase, that is, the unemployment rate may increase further.
