New Delhi: Five million people lost their jobs in the last two years, which coincided with Prime Minister Narendra Modi’s demonetisation announced on 8 November 2016, according to a report. The report “State of Working India 2019” was released by the Centre of Sustainable Employment (CSE) of Bengal-based Azim Premji University on Tuesday.
The period between 2016 and 2018 was studied for the report. CSE chairman and lead writer Professor Amit Basoli, who wrote the report, told Huffington Post that this was the cumulative figure.
While more jobs were also created, it is certain that 50 lakh people lost their jobs. This is not good for the economy, the author said. Basol further stated that, according to the data, the fall in jobs was registered in the four months between September and December 2016. It reached a constant level in December 2018.
Disclaimer in Azim Premji University report many missed
But on the basis of available data, a correlation between job losses and demonetisation cannot be fully established, the report says.
Those who lost their jobs were more from the strata of less educated people in urban and rural areas, the Azim Premji University report says. The report infers that the ban affected the unorganised sector the most.
While a sub-topic “Employment in India after 2016” mentions the 5 million job losses in the sixth point, the report says there has been a huge surge in the total unemployment rate since 2011.
What goes against the current government is the fact that, in 2018, the unemployment rate was 6%, double the figure of 2000-2011.
The Azim Premji University report says that unemployed in India mostly affects the educated and the young, but the rate in the increase in unemployment was higher among the poor and under-educated in the two years that were studied.
Among urban women, only 10% of the labour population are graduates while 34% are unemployed.
About 13.5% of urban men are graduates whereas 60% are unemployed. The number of unemployed people is the highest in the age group 20 to 24 years.
In general, women are more affected by unemployment than men. Unemployment and labour participation rates are much higher among women than men according to the Azim Premji University report.