The state has seen its unemployment rate decline to 0.7% — the lowest in the country for the month of August, according to data available with the Centre for Monitoring Indian Economy (CMIE). Karnataka is the only state among large states in the country which has seen a decline in unemployment rate in the last few months.
The current rate of unemployment in the state is only a fifth of the level witnessed in January 2017, when it had peaked to 6.7%. Experts attribute the phenomenon to the growing demands of the information technology (IT) industry, which has been the largest contributor to job creation in the state.
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The IT sector, largely concentrated in state capital Bengaluru, has been on a hiring spree with headcounts showing an unprecedented increase in the last financial year. Over one million workers are employed by the IT sector in Bengaluru alone.
Source: DECCAN HERALD
