Employment rate for rural India improved by 6.7%

Mumbai, Jul 24 Centre for Monitoring Indian Economy (CMIE) has released a report around consumer sentiments in July 2021 which says that the employment rate for rural India improved by 6.7 per cent and the proportion of rural households that expect the financial and business environment to improve in the next twelve months has increased from 2.8 per cent to 4.7 per cent and those expecting financial and commercial conditions to improve in the next five years increased from 2.8 per cent to 4.5 per cent.

According to Sanjeev Kumar, CEO of Spice Money, "It is heartening to see the recent data from Centre for Monitoring Indian Economy reporting an improvement in employment rate in rural India and the rural population's positive expectations towards their financial and business environment improving in the next twelve months. I believe the cause for this might that even though the rural population suffered significantly during the lockdowns, they have shown constant resilience in the face of adversity with their willingness to adapt."

Due to the improving internet penetration in the country, many turned to technology and took up the path of self-employment to sustain themselves and their families. As a rural fintech, Spice Money is glad to be a part of this recovery through essential offerings that enable self-reliance and digital and financial inclusion. Spice Money Adhikaris have not only been progressing their own livelihoods but have also been instrumental in extending basic essential banking services to their largely underbanked localities and providing the rural population access to their own money during these difficult times, he said.

In fact, Spice Money witnessed an increase in Adhikaris, or banking correspondents, onboarded on the platform between March and June across states. There was a 23 per cent increase in the number of Adhikaris in Madhya Pradesh, 16 per cent in Rajasthan, and 14 per cent in both Uttar Pradesh and Bihar. Even in states where our presence is just beginning to grow, we saw the Adhikari network expanding with Andhra Pradesh seeing a 29 per cent increase, Odisha with a 26 per cent increase, and West Bengal reporting a 20 per cent increase.

The rural economy is a great contributor to the overall development of the country and, during the recovery post-pandemic, we will need to ensure that Bharat is offered ample support and opportunities to grow equitably with the rest of the Indian economy, he said.