India’s unemployment rate in February stood at 6.9 percent, much lower than the 7.8 percent clocked in February 2020, suggesting the unemployment rate has recovered to pre-Covid levels. However, the rate of labour participation and employment rate last month continued to be low, reflecting an exodus of labor from the labour markets in the face of lack of jobs, said the Centre for Monitoring Indian Economy. It added there are 10 million fewer jobs this year than the previous year. It also said that the post-lockdown period is characterized by a 2.5 percent fall in employment and a 6.2 percent fall in the count of the unemployed. This translates into a 2.8 percent contraction of the labour force.
Source: Economic Times