BJP government often tries to show that its Demonetisation decision was a success. However, the survey released by the Labour Bureau points toward a different conclusion. The unemployment was highest after demonetisation happened, i.e. in the year 2016-17.
The unemployment rate was 3.9 per cent during this year. This was comparatively higher than that recorded in 2015-16 (3.7 per cent) and 2013-14 (3.4 per cent). There was also a rise in people coming to the labour industry in search of jobs. There was increase in “supply” of labour force but the “demand” was limited.
This data has been released in the Labour Bureau’s 6th Annual Employment-Unemployment Survey. These results were never published but were reported by Business Standard. The Labour Bureau will no longer publish data on jobs. No survey has been published in its replacement.
PM Modi had said in his interview to ANI that Demonetization was important for ‘health of economy’. However, the result has been otherwise as it led to the loss of jobs. It doesn’t mean that the unemployment crisis ended in India. According to CMIE report, around 1.1 crore people lost their jobs in the year 2018. The unemployment rate in the last year was 7.4%.
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