50 lakh men lost jobs post demonetisation in 2016, reveals latest report; unemployment rate over 6% in 2018

A new report on unemployment has surfaced which states that job loss in the past decade has been on a noteworthy rise, hitting its worst level in 2016.

By : ABP News Bureau | Updated at : 17 Apr 2019 05:04 PM (IST)

50 lakh men lost jobs post demonetisation in 2016, reveals latest report, unemployment rate over 6 pc in 2018 50 lakh men lost jobs post demonetisation in 2016, reveals latest report; unemployment rate over 6% in 2018

The report comes at a time when India stands as the world’s fastest growing economy ahead of China. (Image: China)

Job loss in the past decade has been on a noteworthy rise, hitting its worst level in 2016

50 lakh men have lost their jobs, the report by Azim Premji University revealed

Unemployment, in general, has splurged steadily post 2011

New Delhi: Amid the ongoing Lok Sabha elections furore in the country, a new report on unemployment has surfaced which states that job loss in the past decade has been on a noteworthy rise, hitting its worst level in 2016. Post PM Narendra Modi government’s decision to ban high-value currency notes in 2016 till 2018, 50 lakh men have lost their jobs, the report by Azim Premji University revealed. However, the report also stated that no direct causal relationship can be established based only on these trends. “Whether or not this decline was caused by demonetisation, it is definitely a cause for concern and calls for urgent policy intervention,” the report said. “The numbers clearly demonstrate why unemployment has emerged as the primary economic issue in the general election of 2019”, the report titled ‘State of Working India 2019’ said. A couple of months back, leaked report by National Sample Survey Office (NSSO) had revealed that the unemployment rate was seen this high back in 1972-73. The report also highlights that unemployment, in general, has splurged steadily post 2011 and the higher educated and the young are vastly over-represented among the unemployed. The government has not released the results of the new high-frequency Periodic Labour Force Survey (PLFS) conducted by the NSSEO yet. Therefore, due to the unavailability, the researchers have used data from the Consumer Pyramids Survey of the Centre for Monitoring the Indian Economy (CMIE-CPDX) to understand the employment scenario between 2016 and 2018. “After remaining at around 2 to 3 per cent for the first decade, the unemployment rate steadily increased to around 5 per cent in 2015 and then just over 6 per cent in 2018,” the report added further. The report comes at a time when India stands as the world’s fastest growing economy ahead of China. Modi government, over the past few years, has been on Opposition’s radar on the issue of growing unemployment in the country. Even the Indian voters rank employment opportunity as a prime factor for choosing a government, Association for Democratic Reforms had recently showed in its survey conducted across the country.

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Published at : 17 Apr 2019 05:04 PM (IST)

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Demonetisation