Unemployment rate in Jammu Kashmir reaches record breaking numbers; highest in several years.
The unemployment rate in Jammu Kashmir has severed past 30 percent in the month of August, which is the highest in the last several years.
Centre for Monitoring Indian Economy (CMIE) has pegged Jammu Kashmir’s employment rate at 32.8 percent marking a spike of nearly 12 percent against the month of July when the Unemployment rate had gone up to 20. 2 percent.
The monthly figures of the unemployment rate maintained by CMIE since 2016 show that in January 2016 the unemployment rate stood at 12.3 per cent. It reached a high of 29.6 percent in November 2016, however, after the abrogation of Artcl3 370, the unemployment rate has gone up considerably.
In March 2022, the rate went up to 25.0 percent, which was the second highest since November 2016.
Unemployment has been on a rise since the abrogation of Article 370, as per experts. In less than a month after abrogation, the data reveals, the unemployment in Jammu Kashmir showed a spike of nearly 6 percent when it rose from 16 to 22 percent.
During the lockdown post-Abrogation, businesses in the valley suffered losses worth Rs 18,000 crore from August 5, 2019 to January 2020.
Kashmir Chamber of Commerce and Industries (KCCI) report says at least 5000 salesmen in tourism and mobile services business (Unemployment rate in Jammu Kashmir) that includes some 2000 shops in the commercial hub of Lal Chowk, and its adjoining markets were not paid salaries for the months of August, September, and October while 4.96 lakh people lost their jobs.
With the rising rate of unemployment rate in Jammu Kashmir, several scholars have taken to alternative forms of employment. Recently The Kashmiriyat reported that two scholars, one Ph.D., and one M. Phil had opened a tea stall to earn their livelihood.
The Jammu Kashmir admin maintains that it is employing youth, however, the figures released by CMIE show an upward trend of unemployment in the region.
Directorate of Employment in 2021 witnessed three lakh registrations by postgraduates and PhD degree holders for jobs. In the same year, Jammu Kashmir Service Selection Board advertised 8000 class IV posts, and more than 5.4 lakh aspirants applied for these posts.
Official figures suggest that the JK administration has advertised around 10,000 jobs, of which 8,575 were Class IV posts ever since the new domicile laws were introduced in May 2020, which allow non-residents to apply.
The Government of India’s Ministry of Statistics and Programme implementation in its latest Periodic Labour Force Survey stated that unemployment figures among educated youth in Jammu Kashmir have reached a staggering 46.3 per cent (Unemployment rate in Jammu Kashmir).
The report “Periodic Labour Force Survey April-June 2021” released by the Ministry of Statistics and Programme Implementation last month states(Unemployment rate in Jammu Kashmir) that Jammu Kashmir’s urban unemployment rate for the age group 15-29 age has reached 46.3 per cent from the 44.1 per cent in comparison to the previous quarter.