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India’s Unemployment Rate declined to four-month low at 7.14% in January

India’s unemployment rate fell to 7.14% in January, the lowest in four months, from 8.30% in the previous month, data from the Centre for Monitoring Indian Economy (CMIE) showed. The urban unemployment rate declined to 8.55% in January from 10.09% in the previous month, while the rural unemployment rate slipped to 6.48% from 7.44%, the data showed.

Unemployment Rate
06 Feb 2023*
India 7.2%
Urban 8.3%
Rural 6.7%

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India's Unemployment Rate declined to four-month low at 7.14% in January_40.1

Unemployment Rate in States:

Unemployment Rate (%)
States (India) Jan 2023
Andhra Pradesh 5.5
Assam 16.1
Bihar 11.9
Chhattisgarh 0.5
Delhi 16.7
Goa 16.2
Gujarat 2.4
Haryana 21.7
Himachal Pradesh 10.0
Jammu & Kashmir 21.8
Jharkhand 13.8
Karnataka 3.4
Kerala 6.7
Madhya Pradesh 1.9
Maharashtra 5.5
Meghalaya 2.6
Odisha 1.5
Puducherry 5.3
Punjab 6.8
Rajasthan 21.1
Sikkim 2.4
Tamil Nadu 1.8
Telangana 5.3
Tripura 16.0
Uttar Pradesh 4.2
Uttarakhand 2.2
West Bengal 5.0
Monthly time series

Among the states, unemployment was the highest in Jammu and Kashmir at 21.8% closely followed by Haryana at 21.7% and Rajasthan at 21.1%. Joblessness in Delhi in January was at 16.7%, Goa at 16.2%, Assam at 16.1% and Tripura at 16%, the data added.

On the other hand, as per the data unemployment was the lowest in states such as Chhattisgarh at 0.5% followed by Odisha at 1.5%, Tamil Nadu at 1.8% and Madhya Pradesh at 1.9%.

Budget 2023-24: Focus is on Job Creation:

India's Unemployment Rate declined to four-month low at 7.14% in January_50.1

Budget 2023 has also focused on job creation in agritech, education, tourism, infrastructure, healthcare, financial services, healthcare and MSME sectors, indicating that the unemployment rate may continue to fall in the following months.

It is safe to say that employment has improved over the last few quarters, however, there still have a long way to go given each year in absolute terms we have added nearly 20 million to the workforce making the gap wider day by day.

India's Unemployment Rate declined to four-month low at 7.14% in January_60.1

 

India's Unemployment Rate declined to four-month low at 7.14% in January_70.1

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