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    50 lakh people lost jobs since demonetisation in 2016, job report reveals

    50 lakh people lost jobs since demonetisation in 2016, job report reveals

    50 lakh people lost jobs since demonetisation in 2016, job report reveals
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    By CNBCTV18.COM IST (Updated)

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    The report by the Centre for Sustainable Employment revealed that an estimated 50 lakh people lost their jobs between 2016 and 2018. The acceleration in unemployment began with the demonetisation of November 2016. The report, however, makes it clear that “no direct causal relationship can be established based only on these trends”.

    Since the 8 November 2016 demonetisation, an estimated 5 million people have lost their jobs, according to a report titled, “State of Working India 2019”, based on research conducted by the Centre for Sustainable Employment (CSE) at the Azim Premji University. The reiterates that joblessness has been on a steady rise over the past decade but it accelerated after demonetisation.
    The report revealed that an estimated 50 lakh people lost their jobs between 2016 and 2018. The acceleration in unemployment began with the demonetisation of November 2016. The report, however, makes it clear that “no direct causal relationship can be established based only on these trends”.
    The researchers have used the data on the national labour market from the Consumer Pyramids Survey of the Centre for Monitoring the Indian Economy (CMIE-CPDX). CMIE is an independent economic think tank based out of Mumbai. CMIE surveys about 160,000 households every four months.
    Earlier, the National Sample Survey Office’s (NSSO) periodic labour force survey (PLFS) revealed that unemployment has reached the highest levels since 1972-73.
    However, NITI Aayog vice-chairman Rajiv Kumar argued that comparing historic NSSO reports would be disingenuous since the methodologies have changed.
    The CSE report further reveals that the unemployment rate was around 6 percent in 2018 that is “double of what it was in the decade from 2000 to 2011”.
    “After remaining at around 2 to 3 percent for the first decade, the unemployment rate steadily increased to around 5 percent in 2015 and then just over 6 percent in 2018”, the report said.
    With the 2019 Lok Sabha elections underway, unemployment has been a key poll issue. The CSE data will give the opposition further ammunition against the ruling government.
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