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Wednesday, February 1, 2023
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India’s unemployment rate rises to three-month high

The Centre for Monitoring Indian Economy (CMIE) on Thursday revealed that India’s unemployment rate has risen to 8.0% from the recorded 7.77% last month.

The unemployment rate in urban areas rose to 8.96% in November meanwhile in October it was recorded as 7.21%.

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The report also showed that the unemployment rate in rural areas slipped to 7.55% from 8.04%.

The report also showed that India’s consumer inflation decreased sharply in October from a five-month high of 7.41% to 6.77%, suggesting that price increases may be moderating and giving manufacturers some relief.

Economics associate director at S&P Global Market Intelligence, Pollyanna De Lima stated that despite increased recession fears overseas and a worsening prognosis for the global economy, India’s industrial sector continued to operate well in November.

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As per experts, the Reserve Bank of India may decide to make a lesser rise at its meeting the following week as a result of the PMI data as the economy begins to feel the effects of the prior three consecutive 50 basis point increases.

In the most recent quarter, India’s economic growth dropped to 6.3% from the 13.5% growth recorded in the three months prior as COVID-19 lockdown-related distortions subsided.


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