50 lakh people lost job opportunities after demonetisation: study

-The Hindu

The 'State of Working India' report, published by Azim Premji University, was released on Tuesday

Since the November 8, 2016 demonetisation, at least five million people lost opportunities to work across the country, while the overall unemployment rate doubled between 2011 and 2018 to 6%, says a 'State of Working India' (SWI) report published by the Centre for Sustainable Employment (CSE) of the Azim Premji University (APU) that was released on Tuesday.

Researchers from the university used unit-level data from the Consumer Pyramids Survey of the Centre for Monitoring the Indian Economy (CMIE), which covers around 5.22 lakh individuals quarterly, to get an outline of unemployment and what could be done to address it.

The rural Workforce Participation Rate (that is, the percentage of people working against the population within the working age) among men dipped from close to 72% in January-April 2016 (a few months before demonetisation) to slightly above 68% by December 2018. The corresponding figure for urban men reduced from 68% to nearly 65% in this time.

“The numbers seem to suggest we are in a perfect storm-like situation. On the supply side, there is rising aspirations, youth bulge, higher levels of general educational degrees. On the demand side, there has been a collapse of public sector employment, weak link between growth in private industry and employment, and factors such as demonetisation and GST,” Amit Basole, lead author of the report, said at its release. “It seems like employment opportunities have been hit by demonetisation and has not recovered after that,” he observed.

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The Hindu, 16 April, 2019, https://www.thehindu.com/news/cities/bangalore/five-million-employment-opportunities-reduced-since-2016-study/article26858221.ece?homepage=true&fbclid=IwAR2NKQ5PmPF--YYR

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