The ongoing economic slowdown will increase joblessness further as not only are jobs being lost, no new jobs are being created.
While some leaders of the present government are blithely going about giving the world supposed lessons on how to govern, as Narendra Modi did at the UN General Assembly, and some others are busy handing out concessions to domestic and foreign corporates, the people in India are getting strangled by ever increasing joblessness, compounded by job losses due to the ongoing economic slowdown.
The latest figures released by the CMIE (Centre for Monitoring Indian Economy) estimate that the number of unemployed continues to relentlessly rise, reaching 4.5 crore by August end, up 1.1 crore over last year and by 2 crore in two years. [See chart below] This is for all those jobless people who are willing to work, whether actively seeking jobs or not. Weekly estimates point to an unemployment rate nearing a record 10% mark – 9.94% to be precise, as of September 27.
Please click here to read more.