CMIE report says India’s urban unemployment rate soars to 30.9% even as overall rate rises to 23.4%, indicating covid-19’s impact on the economy Early estimates of jobs data indicate that the coronavirus effect may have left a devastating impact on the economy, sending urban unemployment rate soaring to 30.9% .
Overall unemployment rose to 23.4%. The figures, based on the Centre for Monitoring Indian Economy’s weekly tracker survey, have held steady for two weeks now.
The latest data for the week ended 5 April was released on Monday evening. CMIE’s estimates on unemployment shot up from 8.4% in mid-March to the current 23%.