Unemployment rate at 16-month high of 8.3% in December; all you need to know

India’s unemployment rate reached a 16-month high of 8.3 percent in December 2022 according to a report by the Centre for Monitoring Indian Economy (CMIE). However, CMIE added that the increase was partly due to the increase in labour participation rate. As per the CMIE data the urban unemployment rate increased to 10.09 percent in December last year. On the other hand, the rural unemployment rate was marginally lower at 7.44 percent during the same month. At 37.4 percent, Haryana reported the highest unemployment rate among states. This was followed by Rajasthan at 28.5 percent and Delhi at 20.8 percent. Earlier, the joblessness rate had touched an 8.32 percent high in August 2021. The rate has been showing a slow rise in recent months. But the August 2022 figure came down to 8.28 percent. The all-India unemployment rate stood at 8 percent in November. However, the rate rose to over 9 percent for a few days in December. Managing director of CMIE, Mahesh Vyas, stated that the rise in unemployment rate is not a matter of concern. He told Financial Express, “It has risen because the labour force participation rate has increased.” The payroll data of the Employees’ Provident Fund Organisation (EPFO) had implied a slowdown in the formal sector job creation in October. Around 0.73 million new members had been added to the social security schemes run by the EPFO in October, a decline from 0.98 million in September. New member additions were on the decline after hitting a 1.15 million high in July last year. The Indian government has been taking initiatives to contain the rising unemployment rate in India. For instance, the government had launched Atmanirbhar Bharat Rojgar Yojana (ABRY) which came into effect from 1 October 2020. The scheme was introduced to incentivize employers to create new employment and for social security benefits. The initiative was also launched with the motive to restore loss of employment during Covid-19 pandemic. Another scheme named “Pradhan Mantri Rojgar Protsahan Yojana (PMRPY)” had come into effect from 1 April 2016 to incentivize employers to generate more jobs. Some of the other schemes for encouraging employment are Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Pradhan Mantri Garib Kalyan Rojgar Abhiyaan (PMGKRA), and Rural Self Employment and Training Institutes (RSETIs). Read all the Latest News, Trending News,  Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.