Demonetisation Killing Jobs Instead of Black Money is Kaafi Real

A report says unemployment rate in India doubled in the last 8 years & 50 lakh jobs were lost after demonetisation.

India’s unemployed were mostly the higher educated and the young.

(Photo: Aroop Mishra/ The Quint)

(This story was first published on 20 April 2019 and is being republished with minimal changes in light of the fourth anniversary of demonetisation, on 8 November 2020.)

A newly-published report by Azim Premji University says the unemployment rate in India has doubled in the last eight years and 50 lakh jobs were lost in last two years following demonetisation in November 2016.

“Unemployment, in general, has risen steadily post 2011. Both the PLFS and the CMIE-CPDX report the overall unemployment rate to be around 6 percent in 2018, double of what it was in the decade from 2000 to 2011,” the report by Azim Premji University researchers said.

(Photo: Aroop Mishra/ The Quint)