The unemployment rate rose to a four-year high in 2016-17, when the government demonetised old currency notes, at the same time as more people joined the labour force looking for jobs, according to the findings of the Labour Bureau. The unemployment rate stood at 3.9 per cent, compared to 3.7 per cent in 2015-16 and 3.4 per cent in 2013-14, says the Bureau’s Sixth Annual Employment-Unemployment Survey.
The unemployment rate refers to the proportion of the labour force available for work but unable to get a job. The Labour Force Participation Rate (LFPR) ...
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