During to the lack of work availability for the labour force of India during the pandemic induced lockdown, India’s unemployment rate reported its worst ever performance in 3 decades at 7.11 percent in 2020, reported International Labour Organization.
Furthermore, the Centre for Monitoring Indian Economy’s (CME) data for the subsequent period stated that the second Covid wave of the pandemic made India’s unemployment scenario work and the figures are likely to get event worrisome in the near future.
India’s Monthly unemployment rate, as mentioned by CMIE, went up from 6.62 percent in January 2021 to 7.97 percent in April. Due to the lockdown and restrictions on mobility, the unemployment rate reported ar 14.5 percent in the week ended May 16, 2021, and rose further to 14.7 percent for the week ended May 23, as stated by the CMIE.
According to the ILO database, India’s unemployment rate rose between 2008 (5.36 percent) and 2010 (5.65 percent), and then fell between 2013 (5.67 percent) and 2019 (5.27 percent). It then rose sharply to 7.11 percent in 2020.
As per ILO,the unemployment rate of Bangladesh was 5.3 percent, 4.48 percent in Sri Lanka, 4.65 percent in Pakistan, 4.44 percent in Nepal and 3.74 percent in Bhutan in 2020.