India's unemployment rate touched two-months low at 8.84% in June
India's unemployment rate declined to 8.84% in June, 2016 lowest since April at 9.27% and 10.16% in May, 2016, showed BSE data. The country's unemployment rate is the lowest since April , 2016 at 9.27%.
The survey provided employment/unemployment status from 1,25,000 adults per month.
According to the data, Unemployment rate in rural areas declined to 9.82%, touching three-months low as compared to 12.74% in May and 11.47% in April, 2016. In urban areas, the unemployment rate touched 8.36% in June falling from 9.09% in the month of May and 8.17% in April.
On the daily basis, the unemployment rate on Tuesday stood at 8.67% as aginst 8.74% on Monday.
The market regulator, BSE, collaborate with CMIE to measure monthly unemployment rate of the country through a household survey.
"This joint effort will produce a 30-day moving average measure of the Unemployment rate in India, every day and a monthly unemployment rate at the end of every month. This is the first instance of non-governmental organisation(s) producing an unemployment measure for any country in the world", BSE said in the data.
The criteria of the survey was anybody who is over 15 years of age in the household was part of this survey.
On daily 30-day basis, moving average and the monthly unemployment rate of India is based on the weighted status of over 1,30,000 individuals from about 39,600 households surveyed in rural and urban India.
As per the BSE filing, the data can be used as source by Reserve Bank of India to
decide on monetary policy. Also, as the IIP data covers only the organised sector ignoring the other services sectors, the data will help in understanding the global financial market and country's economic health.
Over the last two years, Modi government has introduced various initiatives like 'Make in India', 'Skill India', Mudra Bank, Start up India, to generate more jobs in the country.