Unemployment in India on the rise, rural women worst hit

June 21, 2013

Unemployment_in_India

New Delhi, Jun 21: Between 2009-10 and 2011-12, the proportion of people working slipped slightly in India, and the share of unemployed persons ticked up, a government report released on Thursday has revealed. In 2009-10, 36.5% of the population was gainfully employed for the better part of the year. By 2011-12, the proportion of such workers had dipped to 35.4%. Meanwhile the unemployment rate went up from 2.5% to 2.7%.

These findings form the crux of a survey on employment and unemployment carried out by the National Sample Survey Organisation (NSSO). The survey covered over one lakh households and was carried out between July 2011 and June 2012.

The pan-India figures hide a deepening chasm between job opportunities for men and women. While the share of employed men remained roughly constant between 2009 and 2012, women's employment dropped from 18% to 16%.

This may appear a small decline, but when translated into real numbers, the crisis in employment is stark. In rural areas, about 90 lakh women lost their jobs in the two-year period. This would have been catastrophic but for the fact that in urban areas about 35 lakh women were added to the workforce.

Men joined the workforce in both urban and rural areas, though they got many more opportunities in towns and cities than in rural areas. Men's participation in the workforce jumped from 99 million to 108 million in urban areas and from 228 million to 231 million in rural areas.

Kerala had the highest unemployment rate of close to 10% among larger states. West Bengal (4.5%) and Assam (4.3%) were other large states with relatively high unemployment rates. Among the smaller states, Nagaland had a staggering jobless rate of 27%, but this may be compromised data as surveys are difficult in strife-torn areas. Tripura, another north-eastern state, but relatively more peaceful, too had a high unemployment rate of over 15%.

The NSSO report also contains striking information on daily wage rates of casual labourers and regular or salaried employees. Wages given to casual labourers in the government's job guarantee program (MGNREGS) were lower than similar work elsewhere and more than a third lower than other types of casual work. In the job guarantee scheme, male workers were getting an average of Rs 112.46 per day, while in non-MGNREGS public works the rate was Rs 127.39. In non-public works wages stood at Rs 149.32. For women, the average was more similar at about Rs 102-110, though lower than men for the same work. This appears to go against a widely held belief that MGNREGS wage rates are setting the standard for all other wages in rural areas.

The wide difference in wage rates in urban and rural areas explains why people are migrating from their homes to live in cities to earn a living. A male casual laborer earned about Rs 150 per day in rural areas, but his urban counterpart got Rs 180 a day. Similarly, a salaried employee could earn about Rs 300 per day in rural areas but in urban areas the daily earning would shoot up to nearly Rs 450.

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Agencies
July 24,2020

Mumbai, Jul 24: Reliance India Limited (RIL) on Friday overtook ExxonMobil to become the world's second most valuable energy company and 46th among the world's largest companies by market capitalisation.

RIL's market capitalisation stood at Rs 14.16 lakh crore (USD 189.3 billion) at market close on Friday. ExxonMobil's current market value is USD 184.77 billion.

"Reliance Industries, with a market capitalisation of USD 189.3 billion now is the second-most valuable energy company in the world. Reliance Industries now stands at 46th among the world's largest companies by market capitalisation ahead of well-known names like ExxonMobil, Abbott Laboratories, Oracle Corp, Chevron and Unilever Plc, and just below PepsiCo," RIL said in an official release.

RIL continued its rally on Friday, notwithstanding overall weak market conditions.

RIL shares made a new all-time high of Rs 2,163 and were last traded at Rs 2,148.8 on NSE with a gain of 4.4 per cent. The market capitalisation of fully paid-up shares stands at Rs 13.62 lakh crore (USD 182.06 billion), the release said.

Reliance partly paid-up shares gained 9.33 per cent on NSE today to last trade at Rs 1289.95. The partly paid-up shares now have a market capitalisation of Rs 0.55 lakh crore (USD 7.29 billion).

"Reliance's share price had touched a bottom of Rs 867 on March 23, 2020, when the total market value of the company stood at Rs 5.5 lakh crore or $73.5 billion. Thus, RIL has added $115.9 billion to shareholder wealth within just four months - one of the highest value creation feats in the world in such a short time," the release said.

Reliance had earlier raised Rs 212,809 crore through Rights Issue, combined investments in Jio Platforms and investment by bp.

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Agencies
July 30,2020

New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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News Network
March 29,2020

New Delhi, Mar 29: The Centre on Sunday asked state governments and Union Territory administrations to effectively seal state and district borders to stop movements of migrant workers during lockdown, officials said.

During a video conference with Chief Secretaries and DGPs, Cabinet Secretary Rajiv Gauba and Union Home Secretary Ajay Bhalla asked them to ensure that there is no movement of people across cities or on highways as the lockdown continues.

"There has been movement of migrant workers in some parts of the country. Directions were issued that district and state borders should be effectively sealed," a government official said.

States were directed to ensure there is no movement of people across cities or on highways.

Only movement of goods should be allowed.

District Magistrates and SPs should be made personally responsible for implementation of these directions, the official said.

Adequate arrangements for food and shelter of poor and needy people including migrant labourers be made at the place of their work, the official said.

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