Unemployment and economic crisis have become one of the most used words in news stories. PM Modi’s promises have failed and people are angry as everything has become expensive.
Modi government had claimed that people will benfit from GST and Demonetisation policies with time. However, people are witnessing losses due to these policies. We are facing economic crisis. Common people are losing their jobs.
According to Center for Monitoring Indian Economy (CMIE), India’s unemployment has increased 167% in last 14 months.
Economic Times has also published an article on this report. Unemployment reached 8% rate in September 2018. Whereas it was 3% in July 2018. In the last 14 months it has increased to 167% overall.
This rapid increase in unemployment is contradictory to the claims made by PM Modi during 2014 elections. Reason for the unemployment is economic condition of India. The rising prices of petrol and diesel in the country have affected public’s pocket.
Effect of unemployment is visible on inflation. Value of Rupee is going down in comparision of dollar. Rupee value has dropped constantly for six months in a row.
The country’s largest non-banking company, like ILFS, is facing the crisis. Its effect is visible on the stock market too. Even foreign investors are refraining to invest in India markets. Due to non-investment, new industries are not coming up in the market. Its effect is directly visible on employment.