India’s unemployment rate rose to 7.78 per cent in February from 7.16 per cent in January, the highest since October last year, according to a report by the Centre for Monitoring Indian Economy (CMIE) on Monday.
According to the Mumbai-based private think-tank, the unemployment rate in rural areas surged to 7.37 per cent in February 2020 from 5.97 per cent in January. However, the trend was the opposite in urban areas as it fell to 8.65 per cent from 9.7 per cent, according to a report by Reuters.
In the last three months of 2019, the economy grew at its slowest pace in more than six years with analysts predicting that the slowdown would continue amid the coronavirus outbreak.