Unemployment rate drops post demonetisation announcement, shows BSE survey
During the week of announcement, the consumer sentiments rose nearly to 98.8, the data showed.
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Demonetisation slowed down GDP by 2 percentage points in Q4 2016, says economist Gita GopinathWhen people are criticising Prime Minister Narendra Modi's step to ban high denomination currency to curb black money floating in the country, but a significant drop in the unemployment rate post the announcement was seen.
According to BSE CMEI daily survey found that the post demonetisation the unemployment rate reduced to 6.5 from 7.5, which was one week before the announcement.
As per the data, during the week of announcement, the unemployment rate was nearly 6.1.
Apart from reduction in unemployment rate, a sharp rise was seen in the consumer sentiments. One week after the announcement, the consumer sentiments rose to 98.6 from 96.6, which was one week before.
During the week of announcement, the consumer sentiments rose nearly to 98.8, the data showed.
Kotak Mahindra Bank chief Uday Kotak says demonetisation was poorly executed