Did India’s Unemployment Rate Hit A One-Year Low In September 2023?

In India’s job market landscape, there might have been a glimmer of hope emerging in September 2023. India’s unemployment rate was said to hit a one-year low., according to data from the Centre for Monitoring Indian Economy (CMIE). In September 2023, India’s overall unemployment rate stood at about 7.09%. This was a decline from August 2023, when it was 8.1%. This is said to mark the lowest unemployment rate recorded since September 2022, one year before. According to the data, both rural and urban areas were said to have witnessed a decline in unemployment rates. In rural areas, unemployment was said to drop from 7.11% in August 2023 to 6.2% in September 2023. Urban areas were said to experience a drop from 10.09% to 8.94% during the same period. This reduction in unemployment may be particularly noteworthy, considering the backdrop of weak monsoon rains that plagued India in 2023. Rainfall from June 2023 to September 2023 was said to be about 6% below the long-term average. This monsoon deficiency has, also, led to reports that India may ban sugar exports.

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