Friday, 26 April, 2019

India unemployment rate highest in 45 years

Unemployment rate in India rises to all time high in last 45 years Big Expose on NSSO jobs data, Unemployment rate at four decade high with 6.1% in 2017-18; BJP to get cornered in Parliament
Lloyd Bates | 01 February, 2019, 00:47

The acting chairman of the National Statistical Commission and another member who reviewed the jobs data resigned this week, citing a delay in the survey's release.

This is the same stance the government adopted when GDP back-series data was released by a sub-committee of the National Statistical Commission (NSC) past year.

An official survey that has been withheld by the government shows India's unemployment rate rose to its highest level in at least 45 years in 2017/18, the Business Standard newspaper reported on Thursday, delivering a blow to Prime Minister Narendra Modi months before a general election.

On Wednesday, the Ministry of Statistics & Programme Implementation had denied this in a statement, saying that the report would be released once quarterly data between July 2017 and December 2018 had been processed.

It also said that unemployment was higher in the urban areas (7.8 per cent) than in the rural areas (5.3 per cent).

"NITI Aayog doesn't have the final report".

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As the 2019 elections are approaching, PM Modi has been gheraoed by the Opposition and the youths of the country demanding jobs, but the government has been mending its ways over it.

"NoMo Jobs!" Rahul Gandhi wrote on Twitter adding, "The Fuhrer (a term used by Nazi Germany for its ruler Adolf Hitler) promised us 2 Cr jobs a year".

India's economy has been expanding by 7 percent plus annually - the fastest pace among major economies - bit uneven growth has meant that there are not enough new jobs to keep pace. The BJP claimed that the Employees Provident Fund Organisation (EPFO) data on job creation show "sharp increase" in employment generation.

"News and data like thousands of PhDs applying for waiter jobs in Mumbai or millions applying for just a thousand jobs in Gujarat or 10 million applying for a small number of jobs in railways", he said. With their departure the body is left with just Chief Statistician Pravin Srivastava and plan body NITI Aayog's Amitabh Kant.

The country has lost as many as 11 million jobs previous year, according to the Centre for Monitoring Indian Economy, an independent think-tank. The government will approve the report which has not been finalised yet. "Our analysis showed it was higher in 2015 than in 2011-12, and we expected demonetisation to have a harsh effect", said Amit Basole, head of the Centre for Sustainable Employment at Azim Premji University in Bengaluru, and lead author of a report, "State of Working India, 2018".

Critics say PM Modi's push for raising the share of domestic manufacturing from 17 percent of GDP to about 25 percent has not taken off over the last four years.

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