Unemployment Rate fell to 10.9 % in June from 23.5 % in May 2020
With Unlock 1 from 8th June 2020, economic activities have resumed in the country as a result of which after two months the unemployment rate has fallen significantly. As per the data for the month of June 2020 released by the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in June 2020 was 10.9 percent in India (Urban-12.02 % and Rural- 10.52%).
The unemployment rate reached an all-time high of 23.52 percent in the country in the month of April due to the nationwide lockdown. It remained similar in May 2020 with 23.48 percent. But with the significant fall in June 2020 and the GST collection for June 2020 reaching 91 percent of the GST collection in June 2019, it can be suggested that the worst for the Indian economy has passed for now.
With Unlock 2 beginning on 1st July 2020, it can be expected that the Unemployment Rate can further normalize during the month.
Unemployment Rate in India has continuously declined
As per data by CMIE, the unemployment rate in India on 8th June was 21.33 percent. Since then, this rate has declined every day.
State-wise Unemployment Rate in June 2020
Assam with 0.6 percent unemployment had the lowest unemployment rate in the country in the month of June 2020, while Haryana with 33.6 percent had the highest unemployment rate in June 2020 among all the states in the country.