12.2 Crore people to lose their jobs in India due to Lockdown

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According to an estimate from the Centre for Monitoring Indian Economy, the world’s biggest lockdown forced over 12.2 Crore people to lose their jobs and around 75 per cent of them were small traders and wage-laborers.

The unemployment rate increased just after the government imposed the coronavirus lockdown in the month of April pushing up the jobless rate to 27.1% in the week ended May 3.

The stringent lockdowns in different phases forced the small and medium businesses to shut down and massively blew the daily wage workers. These include roadside vendors, hawkers, workers employed in the construction industry, and many who earn a living by pushing handcarts to rickshaws.

lockdown

Among all other states of India, Tamil Nadu is the worst hit by this government-imposed lockdown. Its estimated unemployment rate in April was the highest among States and its labor participation rate among the lowest.

Moreover, a considerable number of salaried workers too lost their jobs due to lockdown and according to CMIE, it will be easier for the small traders which include hawkers may return to work after the lockdown while the salaried workers will find it difficult to get back their jobs.

However, The government doesn’t publish regular jobless data, with investors relying on surveys from CMIE to give them guidance on the labor market. The last official figures from the government, released in May 2019, estimated the unemployment rate at 6.1%  in the year to June 2018.

 

Also read:-Hindustan Unilever says they don’t have to fire or cut salaries of their employees as of now due to Covid-19

Jyotika Kumari
Content Writer +Creative Writer +Social Media Manager so basically I get you Up 2 Date.