India’s labour force shrinks by 3.8 million in March, lowest in 8 months: CMIE
India Today
According to the CMIE report, India's labour force shrunk by 3.8 million during March to 428 million, the lowest in eight months.
The latest data by the Centre for Monitoring Indian Economy (CMIE) highlights the shrinking of India's labour force by 3.8 million during March to 428 million, the lowest in eight months.
Employment shrunk by 1.4 million to 396 million in the month of March, while the number of unemployed fell by 2.4 million.
According to data analysis, both employment and unemployment are decreasing in the country.
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In terms of numbers - the country has witnessed a decline in the employment rate to 36.5% in March from 36.7% in February. On the other hand, the unemployment rate fell to 7.6% from 8.1% in February.
A statement by CMIE said, “The fall in the absolute count of unemployed or the unemployment rate is not because more people got employed. What the labour market statistics of March 2022 show is India's biggest sign of economic distress. Millions left the labour markets and they even stopped looking for employment, possibly too disappointed with their failure to get a job and under the belief that there were no jobs available.”
Data analysis shows the labour participation rate fell to 39.5% in March from 39.9% in February.
