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India’s Unemployment Rate Hits Four-Month High Of 7.9% In December: Report

The unemployment rate rose from 7.0 per cent in November to 7.9 per cent in December, highest since 8.3 per cent in August.

India’s Unemployment Rate Hits Four-Month High Of 7.9% In December: Report

The data released by the Mumbai-based Centre for Monitoring Indian Economy (CMIE) on Monday showed India’s unemployment rate hit a four-month high in December, new agency Reuters reported.

The unemployment rate rose from 7.0 per cent in November to 7.9 per cent in December, highest since 8.3 per cent in August.

A surge in the cases of Omicron variant of coronavirus and imposition of social distancing norms in the country have led to a lull in the economic activity and consumer sentiment.

The urban unemployment rate rose from 8.2% in November to 9.3% in December, while the rural unemployment rate surged from 6.4% in November to 7.3% in December, according to the data.

Economists worry that the Omicron variant could reverse the economic recovery seen in the previous quarter.

Since the government does not release monthly figures on unemployment, the CMIE's data is being closely monitored by economists and policymakers.

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