50 lac jobs lost after note ban, youth worst hit

50 lakh people lost jobs since demonetisation says Azim Premji University report

50 lakh people lost jobs since demonetisation says Azim Premji University report

He said: "PM claims there is no unemployment in India. Both the Periodic Labour Force Survey and the CMIE-CPDX report the overall unemployment rate to be around 6 per cent in 2018, double of what it was in the decade from 2000 to 2011".

Mumbai: As per a report released on Tuesday by the Centre for Sustainable Employment, Azim Premji University, nearly 50 lakh people lost their employment between 2018 and 2019 after November 8, 2016, when Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes would not be considered as legal tender.

A new report - released on Tuesday by researchers at Azim Premji University, Bangalore - provides further damning numbers on the country's employment scenario. The beginning of the decline in unemployment coincided with Prime Minister Narendra Modi's demonetisation of high-value currency notes on November 8, 2016. Women affected more Among urban women, graduates are 10% of the working age population but 34% of the unemployed.

Given that the government has not released PLFS data and the Labour Bureau's employment-unemployment survey has also been discontinued, the authors rely on the Consumer Pyramids Survey of the Centre for Monitoring the Indian Economy (CMIE-CPDX) for their work.

"Whether or not this decline was caused by demonetisation, it is definitely a cause for concern and calls for urgent policy intervention", the report says. "The rate of decline slowed down by the second wave of 2017, but the general trend has continued and there has been no recovery".

A government report which was leaked in January this year also recorded that the unemployment rate in India rose to a 45-year high in 2017-2018.

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"...much of the current debate over jobs has focused on unemployment among the higher educated".

According to the CSE report, the unemployed are greater levels of the youth and those who have received higher education.

The report made it clear that joblessness was not a problem limited to the educated sections of the labour force. "While open unemployment may still be low among the less educated, there has been a marked tendency to drop out of the labour force for this section, presumably due to loss of work opportunities", it says. The report explained that the figures demonstrate why unemployment has emerged as a major election issue in India this year, according to NDTV.

The SWI report states that the unemployment rate has steadily increased to around 5 per cent in 2015 and then just over 6 per cent in 2018.

Note: Charts created on the basis of data provided in the SWI.

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