The Indian economy, shrunken by Corona, is slowly improving. Along with this, the employment situation is also getting stronger. According to data available on the Center for Monitoring Indian Economy (CMIE) till March 30, the unemployment rate declined by 60 basis points in March compared to February. The unemployment rate has come down to 7.5 percent in this March 2022. The unemployment rate in the country was 8.10 percent in February.
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According to CMIE, people have got less employment in urban areas. Due to this, the unemployment rate of the urban area in March has been 8.3 percent. Whereas in February 2022 it was 7.55 percent. However, there is improvement on the employment front in the rural sector. According to the data, the unemployment rate in the rural sector stood at 7.2 per cent in March, compared to 8.35 per cent in February. This is an improvement of 115 basis points. It is believed that due to the increase in agricultural activities in March, the unemployment rate in the rural area has improved.
Unemployment rate was at a 10-month low in January
In January this year, there was a big drop in the unemployment rate and it had come down to a 10-month low. According to CMIE data, the unemployment rate in January was 6.57 per cent. Earlier in March 2021, the unemployment rate was at a low of 6.50 percent. Due to the lockdown imposed to prevent corona infection, the unemployment rate reached 24.57 percent in May 2020.
Lowest unemployment in Odisha
According to CMIE data, Odisha has the lowest unemployment in February 2022. This past month the unemployment rate has been 1.0 percent. It is followed by Meghalaya with a rate of 1.4 per cent. Chhattisgarh ranks third with an unemployment rate of 1.7 percent. Karnataka is at the fourth position with the rate of 2 per cent and Gujarat is at number five with the rate of 2.5 per cent.
Unemployment rate in the last six months
Month Rate (in %)
States with highest unemployment in February (% In)
Companies will recruit fiercely by June
According to the job portal Naukri.com Latest Hiring Outlook Survey 2022, private sector companies will recruit fiercely by June. Given the high dropout rate and the paucity of qualified candidates, nearly 40 per cent of employers are ready to offer a salary increase of more than 15 per cent. According to the survey, jobs related to information technology, business development and marketing will see the maximum recruitment.
In this survey conducted on 1879 companies, it has been said that recruitment in June can go up to the level before COVID. 57 per cent of the employers surveyed say that they will complete the process of new and replacement jobs by June. Most employers have said to give preference to employees with three to five years of experience.