News:According to the Centre for Monitoring Indian Economy(CMIE), India’s unemployment rate has dropped to 23.97% as the government has lifted some curbs on economic activity.
- Unemployment: It is a phenomenon that occurs when a person who is capable of working and is actively searching for the work is unable to find work.
- The most frequent measure of unemployment is Unemployment Rate:It is defined as a number of unemployed people divided by the number of people in the labour force.
- Labour Force: Persons who are either working (or employed) or seeking or available for work (or unemployed) during the reference period together constitute the labour force.
Unemployment rate = (Unemployed Workers / Total labour force) × 100
Measure of Unemployment in India: