FYI Mr. Modi, 50 lakh men lost their jobs after Demonetisation

In an exclusive interview to Aaj Tak, Prime Minister Narendra Modi on Friday said that Demonetisation did not cause a rise in unemployment.

“Those who claim there was job loss due to demonetisation don’t have stats to back it. People are looking for excuses to discredit the huge decision of demonetisation,” India Today, Aaj Tak’s sister channel, quoted PM Modi as saying.

PM Modi announced Demonetisation (note ban) on November 8, 2016, under which high-denomination currency notes of Rs. 500 and Rs. 1,000 were not longer considered to be legal tender.

Well, PM Modi seems to have missed out various news reports which claimed quite the contrary.

According to a report by the Centre for Sustainable Employment (CSE), Azim Premji University, Bengaluru, as many as 50 lakh men, majority of whom worked in the informal sector, lost their jobs over the two years beginning late 2016, at a time when Prime Minister Narendra Modi announced demonetisation.

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The report titled, ‘State of Working India 2019’ was released on Tuesday.

“This is a net figure and therefore, whatever jobs may have been added elsewhere, there have been enough jobs lost, on balance five million less work opportunities were there, so that is not a good thing for the economy. Particularly given that we have been seeing what appears to be a strong GDP growth. So, in this case, to end up with net job losses is not a good thing. We should be seeing a workforce increase rather than decrease,” HuffingtonPost quoted Prof. Amit Basole, the lead author of the report who heads CSE, as saying.

Recently, the government was also accused of delaying the publishing of the unfavourable job report.

According to the National Sample Survey Office’s (NSSO’s) periodic labour force survey (PLFS), India’s unemployment rate stood at a 45-year-high of 6.1 per cent in 2017-18.

According to the documents reviewed by Business Standard, the report states that unemployment rate in 2017-18 was at its highest level since 1972-73.

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