Centre for Monitoring Indian Economy is an independent think tank established in 1976 and has emerged as a leading business information company.
CMIE conducts surveys to estimate the pattern of spending and savings, household incomes and has succeeded in creating an integrated database of the Indian Economy.
According to the data released by the CMIE:
- The Unemployment rate in India rose to 23.4% and the Labour Participation Rate fell down to 36% due to the outbreak of COVID-19 pandemic .
- Less availability of labour has been a major concern during the national lockdown to stop the spread of pandemic.
- This is the first time in history of the nation that the Labour Participation Rate has fallen below 42% .
- There has been a sharp decline of 9 million labour force from 443 million in january to 434 million in march 2020.