The unemployment rate could touch double-digit mark in May: CMIE

India’s unemployment rate could be over 10 percent with an estimated 10 million job losses in May, much higher than April, despite a milder degree of restrictions due to local lockdowns, the Centre for Monitoring Indian Economy said.

The unemployment rate stood at 7.97 percent in April while the fall in employment in April was 7.35 million.

“We still have a week to go before the month closes. May 2021 will end with a double-digit unemployment rate, falling employment rate, and substantial loss of employment,” CMIE said in its weekly analysis.