India’s unemployment rate hit 45-year high in 2017/18

India’s unemployment rate hit 45-year high in 2017/18

That report said the job losses were mainly due to demonetisation and rising working costs after the launch of a national sales tax in July 2017, which led to hundreds of thousands losing jobs in small businesses.

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) previous year.

He said the country was creating more than 7 million jobs a year, enough for "new entrants" joining the workforce.

The newspaper said the report showed that joblessness stood at 7.8 per cent in urban areas compared with 5.3 parts in the countryside.

Two independent members of the National Statistical Commission had resigned this week after the government allegedly failed to publish the report that was prepared last month.

"To be able to capture if there was an increase or decrease, we need to compare quarter-by-quarter data".

The assessment by the National Sample Survey Office (NSSO) conducted between July 2017-June 2018 showed the unemployment rate stood at 6.1 percent, the highest since 1972-73, according to the newspaper report.

The unemployment is at high of 6.1% during the 2017-18 post demonetization era and has stirred controversy as the government is sitting over it and fudging other data points as well.

This was the highest unemployment rate in India in the last 20 years.

The commission's back-series calculation showed that the Indian economy grew at a much faster pace under Manmohan Singh's UPA government compared to Modi's NDA, and that it registered double-digit growth in two years - 10.23 per cent in 2007-08 and 10.78 per cent in 2010-11. And critics say the government's claims of economic success have sounded increasingly hollow.

The government's failure to release the NSSO report was the latest sign of a complete lack of transparency regarding jobs data, they said.

In September 2018, economists from Azim Premji University released a report which said that in 2015, the headline rate of unemployment reached 5%, with youth unemployment at a very high 16%.

Worse, the labour force participation rate - the proportion of population working or seeking jobs - declined to 36.9 percent in 2017/18 from 39.5 percent in 2011/12, the report said.

High levels of unemployment were registered for the educated youth both rural and urban.

The government has been unable to keep its lofty promises of providing meaningful jobs to all, and policy missteps like demonetisation have only exacerbated the crisis in the Indian economy.

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