India’s Unemployment at an Alarming 45 Year high in 2017/18
India’s unemployment rate rose to a shocking 45-year high in the last fiscal as reported by the Business Standard. They based their assessment and even quoted a government survey, in the latest bottleneck for Prime Minister Narendra Modi just months before an intensifying election and a day before the eagerly awaited Union Budget.
The evaluation by the National Sample Survey Office (NSSO) performed between July 2017-June 2018, indicated the unemployment rate stood at 6.1 percent, the maximum since 1972-73.
India’s economy has been growing by 7 percent and more annually — the swiftest pace among major economies — but the patchy growth has suggested there are not adequate jobs created for millions of young Indians joining the jobs industry each year. This has increased burden on Modi as he seeks to hold on to power in a general ballot vote due by May.
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Courtesy: indiatimes, businesstoday, dailyhunt