Study finds unemployment rate at 6.9%, a 2-year high
CHENNAI: Unemployment rate in the country rose to 6.9% in October, the highest in two years, according to the Centre for Monitoring Indian Economy. Worse still, the labour participation rate – a measure of the proportion of adults willing to work – fell to 42.4%, the lowest since January 2016, CMIE said.
“Labour participation rate fell sharply after demonetization”, from around 47-48%, “and it has still not recovered,” the CMIE study said.
“The small improvement in labour statistics seen in September turned out to be short-lived. October statistics point to a continuation of the deterioration in labour markets seen earlier,” the think-tank said.
The estimated number of persons employed during October 2018 at 397 million was 2.4% lower than the 407 million persons employed in October 2017. “This sharp fall in the employment rate in October is perhaps the most worrisome measure of the labour markets.” CMIE said in its bulletin.
The count of the unemployed persons actively looking for jobs almost doubled to 29.5 million in October 2018 from a low of 14 million in July 2017 (and 21.6 millon in Ocotber 2017), CMIE said.
Commenting on CMIE's latest unemployment data, Aditya Narayan Mishra, CEO, CIEL HR Services, said, "October-to-December is traditionally the job creation period across sectors in the Indian economy, and the mismatch between demand and supply of labour is hence worrying." Annually, almost 12 million people enter the country's labour markets and job creation hasn’t been robust enough to support this, he said.
He added the subdued performance of the country's core sectors such as power and infrastructure, coupled with inadequate lending by NBFCs could be a reason for the mismatch. "The IT industry has also not created much jobs in this period," he said.
Courtesy: timesofindia
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Bengaluru: Four arrested for housebreaking, threats, extortion; fake PSI among accused
Bengaluru: Vidyaranyapura police have arrested four persons, including a man posing as a Police Sub-Inspector (PSI), for allegedly breaking into a house, threatening the occupants, and extorting money while wearing police uniforms.
The arrested accused have been identified as Mallikarjuna, Pramod, Vinay, and Hrithik.
Police said the accused had hatched a plan to pose as police personnel, conduct fake raids, and extort money from residents by intimidation.
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According to the police, Mallikarjuna had failed the PSI examination twice and later falsely projected himself as a PSI. He allegedly conducted photo shoots in his hometown, Siraguppa, wearing a police uniform, baton, cap, and shoes, claiming to be serving as a PSI in Bengaluru.
On December 7, the four accused allegedly went to the house of Naveen in the Vidyaranyapura limits, threatened him with a stick and an iron rod, and claimed they had information that he was selling ganja. Under the pretext of searching, they allegedly extorted ₹87,000 through bank transfer, ₹53,000 in cash kept in the house, and ₹2,000 from his wallet.
Following Naveen’s complaint, Vidyaranyapura police registered a case and launched an operation, leading to the arrest of all four accused. Police have seized ₹45,000 in cash and the car used to commit the crime.
Further investigation is underway.
