50 lakh jobs lost after 'demonetization', achche din when?

Guwahati, April 17, 2019:

A startling revelation has come to light amid the seven-phase Lok Sabha elections in the country as it appears that approximately 50 lakh jobs have been lost after demonetization. A report by Azim Premji University entitled 'State of Working India', which was based on the CMIE-CPDX data, revealed that most of the country's unemployed were the youth of the nation.

The report stated: "In general, women are much worse affected than men. They have higher unemployment rates, as well as lower labour force participation rates. 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.”

The current administration's policy of 'demonetization' (notebandi) has been met with a lot of controversies and continues to divide people across the political aisle.

Meanwhile, the report also pointed out that unemployment in the country continues to rise and has almost doubled. 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.

The report further adds that the lower-income groups are the worst affected by the 'demonetization'.