In 2023, India saw elevated unemployment rates, affecting both rural and urban areas. Historically, from 2017 to 2022, excluding the pandemic year of 2020, the unemployment rate remained below 8%. However, in 2023, it consistently exceeded this threshold, averaging 8.1%. Monthly rates, previously hovering between 7-8%, have recently shifted to the 8-9% range, indicating a new norm for India’s job market. Notably, urban unemployment rose from 8.5% in October to 9.3% in November, and further to 10.1% in December, matching levels seen a year ago.

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