Jobless rate drops as govt lifts some curbs on economic activity

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News:According to the Centre for Monitoring Indian Economy(CMIE), India’s unemployment rate has dropped to 23.97% as the government has lifted some curbs on economic activity.

Facts:

  • Unemployment: It is a phenomenon that occurs when a person who is capable of working and is actively searching for the work is unable to find work.
  • The most frequent measure of unemployment is Unemployment Rate:It is defined as a number of unemployed people divided by the number of people in the labour force.
  • Labour Force: Persons who are either working (or employed) or seeking or available for work (or unemployed) during the reference period together constitute the labour force.

Unemployment rate = (Unemployed Workers / Total labour force) × 100

Measure of Unemployment in India: