50 Lakh Lost Jobs Over 2 Years, Trend Began Just After Demonetisation
The report assesses that unemployment, in general, has gone up since the note ban in November 2016. The higher educated and the young are vastly over-represented among the unemployed.
According to the reports, 50 lakh men have lost their jobs in the past two years from November 2016 due to demonetisation. Azim Premji University, Bengaluru Centre for Sustainable Employment released State of Working India 2019 on 16th April 2019 stating that decline in jobs starting from November 2016 which coincided with demonetisation. However, no causal link can be established between the two on the available data. The number of job losses is higher in women as compared to men.
According to the release, unemployment has risen steadily since 2011 and the higher educated and the youth in the country are among the most unemployed in the country.
Over the period less educated have also seen witnessed job losses and a decrease in the number of job opportunities. A government report further informed that the current unemployment rate in India rose to a 45- year high.
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In one of the other survey conducted by the National Sample Survey Office's Periodic Labour Force Survey from July 2017 to June 2018, revealed that the current unemployment rate in India is the highest since the year 1972.
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Unemployment / Joblessness in India is just not limited to the educated sections of the labour force in the country. Even though ope unemployment is still low among the less educated section but there has been a dropout in the number of the labour force, probably due to less work and job opportunities.
Inputs from NDTV