Impact of Economic Slowdown in India: Unemployment rate swells to 7.78%, highest in 4 months

India’s unemployment rate increased to 7.78% in the month of February. The highest since October last year, and up from 7.16% last month. As maintained by data issued by the Centre for Monitoring Indian Economy (CMIE) on Monday, indicating the ramification of economic slowdown.

India’s economy inflated at its lowest pace in more than six years in the last three months of the previous year, with analysts prophesying further slow down as the global coronavirus epidemic impede growth in Asia’s third largest economy.

In rural areas, the unemployment rate went up to 7.37% in February from 5.97% in the previous month, while in urban areas, it plummeted to 8.65% from 9.70%, the data issued by CMIC.

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