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LATEST NEWS UPDATES | CMIE's Mahesh Vyas says 3.5 million jobs lost due to demonetisation

CMIE's Mahesh Vyas says 3.5 million jobs lost due to demonetisation

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published Published on Sep 16, 2018   modified Modified on Sep 16, 2018
-The Indian Express

The impact on the labour force was even much more significant. While the job losses could have been at least 3.5 million, the reduction in the labour force was to the tune of 15 million.

New Delhi:
Demonetisation may have caused job losses of at least 3.5 million and the damaging impact on labour force was even starker, Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas said on Friday, citing a CMIE survey that covers around 1.72 lakh households across the country. The note ban also hit the participation of young people in the labour force and hurt women more than men, he added.

Prime Minister’s Economic Advisory Council member Surjit Bhalla, however, said according to the CMIE data, the share of women in the labour market is just 10 per cent. This is too abysmal to believe and compared with 25 per cent pegged by previous National Sample Survey Office (NSSO) surveys, hinting that the CMIE data couldn’t be solely relied upon while gauging the true state of the employment in the country. He cautioned against over-interpretation of the employment scenario, based on incomplete and partial data.

Participating in a discussion on employment in India organised at the India International Centre on Friday, Vyas said the survey of people employed in the four months before and after demonetisation in November 2016 suggested job losses of 3.5 million following the note ban.

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The Indian Express, 15 September, 2018, https://indianexpress.com/article/business/economy/cmies-mahesh-vyas-says-3-5-million-jobs-lost-due-to-demonetisation-5357295/


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