According to a report by the Centre for Monitoring Indian Economy (CMIE), the number of job seekers has gone up to 6.9 per cent, which is the highest since 2016. The country is said to have only 397 million employed as of October, 2018. The estimated figure for the same time last year was 407 million.
As per the report, 42.4 per cent of the country’s adult population was ready to work in October 2018. This willingness to work, or labour participation rate, was the lowest recorded in two years. The rate was approx. 47– 48 per cent before demonetisation, but came down drastically after note ban, and is yet to pick up.
The number of people who are actively looking for employment has gone up. As of October 2018, 29.5 million unemployed people were actively searching for work. This figure was well above the 21.6 million unemployed job seekers during the same time in 2017.