As we all know, India is going through a lockdown for several days now, all over the states. The country being shut has led to loss of jobs, termination of employees, market volatility, tumbled economy. The number of people who have lost their jobs is huge which is almost 12.2 crore people are unemployed at this point of time. This lockdown has bought India years; back in almost under developed conditions.
With a population of about 1.3 billion people, it is difficult to force shut the businesses and lay off employees. The jobless rate has pushed to about 27.1% by the end of this week. Prior to lockdown, jobs India’s economy was already in stagflation and now it has become worse with almost 12.2 crore being jobless. It sounds like threat to India’s economy.
The most affected are daily wage workers, hawkers, roadside vendors, contractual labourers and those employed in small businesses. Many of them who make a living by pulling rickshaws or poultry or fishing. Almost all the businesses be it small or big are severely affected by the pandemic.
When compared with America, India’s job losses are four times the 30 million Americans who have filled unemployment benefit for over last 6 weeks. As the lockdown keeps on extending, the data could get worse in India.
Initially, the lockdown was haunting the vulnerable labour which are employed in the unorganised sectors. But gradually, it has start hitting more secure jobs. Start-ups are rethinking their decisions and industry associates have warned the job losses as far as lockdown is concerned. The government is not publishing the regular data for the unemployed. Thus we have to rely on investors to gather the information.
The situation in the job market is going to get better only when the lockdown is lifted and the businesses and industries come into practice.