50 Lakh Jobs Lost in Two Years Post Demonetisation, Finds SWI 2019 Report on Unemployment
Image used for representational purpose | (Photo Credits: PTI)

New Delhi, April 18: The State of Working India (SWI) report, commissioned by the Azim Premji University, has revealed startling facts on the employment front post demonetisation. In the two years following note ban, the study claimed, a total of 50 lakh people turned unemployed. The unprecedented job loss has most adversely affected the youth, the report finds.

The report comes days after a leaked NSSO survey data -- which has been declared non-authentic by the government -- said unemployment is at a 45-year-high across the nation. Demonetisation Will Hit GDP, Won't Curb Black Money, RBI Told Modi Government.

The SWI 2019 report, while validating the leaked survey, found "no direct causal relationship" between the massive loss of jobs with the shock demonetisation of higher value currency.

The fresh report is based on the CMIE-CPDX data that highlighted India's unemployed were mostly the youth.

"In general, women are much worse affected than men. They have higher unemployment rates, as well as lower labour force participation rates," it added.

The report revealed that unemployment, in general, has risen steadily post 2011. Both the Periodic Labour Force Survey and the CMIE-CPDX report the overall unemployment rate to be around 6 per cent in 2018, double of what it was in the decade from 2000 to 2011."

"Among urban women, graduates are 10 per cent of the working age population but 34 per cent of the unemployed. The age group 20-24 years is hugely over-represented among the unemployed.

"Among urban men, for example, this age group accounts for 13.5 per cent of the working age population but 60 per cent of the unemployed."

Besides, the report noted that "in addition to rising open unemployment among the higher educated, the less educated (and likely, informal) workers have also seen job losses and reduced work opportunities since 2016.

(With IANS inputs)