India's unemployment rate soars to 27.11% amid Covid-19 crisis: CMIE

The Covid-19 crisis has led to a spike in the country's unemployment rate to 27.11 per cent for the week ended May 3, up from the under 7 per cent level before the start of the pandemic in mid-March, the Centre for Monitoring Indian Economy (CMIE) has said.

The Mumbai-based think tank said the rate of unemployment was the highest in the urban areas, which constitute the most number of the red zones due to the Covid-19 cases, at 29.22 per cent, as against 26.69 per cent for the rural areas.

Analysts have been warning about the spectre of unemployment