The post-covid months had seen a steep rise in the unemployment rate, but with things normalizing now, the rate of unemployment is again falling to almost the pre-covid level. In spite of the economists fearing a difficult recovery, it is clear now that the country is almost back on track when it comes to finding employment.
Especially in the rural areas, where a massive number of migrant workers have returned, the monsoon months have given the welcome chance to fall back on farming. As per the Centre for Monitoring Economy, the rate of unemployment post-June has fallen to less than 11% as compared to 23.48% in the previous months.
While that definitely shows signs of recovery, one disturbing fact is that workers are having to settle for lesser wages. With the supply of labour higher than normal, people are taking up whatever jobs that come their way and are steeply compromising on the wages. Further, if we turn to the urban sector, organized employment seems to be still staggering. Looking at a wider picture, however, the country’s economy does seem to benefit from the fast recovering rural sector.
