India’s unemployment rate increases to 7.45% in Feb

New Delhi: Amid the ongoing financial crunch in Pakistan, Honda announced to close its plant citing severe disruption in supply chain as major reason. Honda Atlas Cars --the assembler of Honda automobiles in Pakistan blamed current economic situation for its decision and said that the plant will remain closed from March 9 to March 31. It said that it would not be able to continue with its production and will be shutting down its plant for the remainder of the month. —ANI

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New Delhi (FIB): The unemployment rate in India has increased slightly to 7.45% in February 2023.

Earlier in January 2023, it was at 7.14%. With this, the total number of unemployed people in the country has reached 33 million. The reason behind this has been a big increase in unemployment among the rural people. The CMIE says that it was showing a decline in last four months.

According to CMIE's weekly labor market analysis, India's labor participation rate increased marginally to 39.92% in February last month. Earlier in January 2023, it was at 39.8%.

With this, the labor force has increased from 440.8 million to 442.9 million. However, only 0.6 million people have been able to get employment, he said.

While the remaining 1.5 million people have remained unemployed. According to him, this explains that the unemployment rate has increased in February.

The unemployment rate in rural India has increased from 6.48% in January to 7.23% in February.

That is, 2.3 million unem-

Data In Numbers

z The unemployment rate in India has increased slightly to 7.45% in February 2023. Earlier in January 2023, it was at 7.14% z With this, the total number of unemployed people in the country has reached 33 million. This figure stood at 31.5 million in January this year