One crore Indians rendered jobless due to COVID second wave: Report
In a sad state of affairs on the employment front, one crore Indians have lost their jobs. The Center For Monitoring Indian Economy as per reports opines that, the situation may not improve as expected even if the economy opens up.
FollowIn a worrying situation, it is revealed that about 1 crore people have lost their jobs and a country-wide survey involving 1.75 lakh persons during the pandemic has shown that 55% of them have faced a slump in their incomes, 42% have not seen any improvement and their situation remained the same.
As per reports, it is said that the loss of jobs is attributed to the Covid and its ripple effect on the economy.
A report quoting Mahesh Vyas, CEO, Center For Monitoring Indian Economy said, "If we adjust for inflation, we find that 97% of the households in the country have witnessed a decline in incomes during the pandemic."
The employment was expected to touch 12% by the end of May. The situation would improve after the economy opens but it won't offer any solution entirely as per Vyas.
Attributing to Vyas, the reports say that 97% of households have witnessed a decline in incomes.
While people in the informal sector may find the jobs easily, professionals may have to wait for some more time. The report further says that in May last year itself, the country witnessed an unemployment rate of 23.5% and this was precisely after the national lockdown.
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