In a bad news for the labour markets, the unemployment rate in the country was recorded at 6.9 percent in October 2018, highest in 2 years, according to the Centre for Monitoring Indian Economy (CMIE) data. The number was 6.75 in October last year. A sharp fall in number of people employed was observed as the estimated number of persons employed during October 2018 at 397 million was 2.4 percent lower than the 407 million persons employed in October 2017, CMIE October data showed. The report also said that 42.4 percent of India’s adult population was interested to work in October 2018. This labour participation rate was the lowest witnessed since January 2016.

Key facts:

• According to the report, the number of job seekers actively looking for employment has doubled in comparison to the previous year.
• In the year 2017, 1.4 million people were actively searching for jobs, compared to that number now 2.95 crore. If you talk about October 2017, the number of young people who actively searched for jobs was 2.16 crore.
• Traditionally, in the Indian economy, from October to December, there is employment generation and this difference is concerned in demand and fulfillment of labor. Every year about 1.2 million people enter the labor market of India, but the creation of employment is not according to this.
• Due to the performance of the country's core industries, inadequate credit distribution by NBFCs, it may also be behind this. Meanwhile, the IT industry has not given much employment.