There will be a challenge ahead on the employment front

Corona virus killed lakhs of people in April 2021 unemployment rate increased

Corona virus killed lakhs of people in April 2021 unemployment rate increased

With the spread of Corona virus, there are reports of thousands of employees being discharged without pay, fired from jobs, huge cuts in salary almost every week.

Males, restaurants, bars, hotels are all closed, airlines and other voice equipment are banned.  Factories, factories are all at a standstill.

In such a situation, the institutions are constantly retrenching people and everyone is living under the shadow of fear that when their job is lost.

Apart from this, people engaged in self-employment, people running families by doing small business, are all sitting in the house and they have no source of income.
Lockdowns are being imposed at the local level to prevent the second wave of corona in the country.  This has had a bad effect on employment.  In April, 75 lakh people lost their jobs due to the local lockdown.  At the same time, the unemployment rate has also crossed a four-month high and has reached close to 8%.  The Center for Monitoring Indian Economy (CMIE) has said this.

There will be a challenge ahead on the employment front

CMIE Managing Director and CEO Mahesh Vyas says that on the employment front, the situation is expected to remain challenging.  He said 75 lakh people lost jobs in April as compared to March.  This has increased the unemployment rate.  According to preliminary data from the centre, the national unemployment rate in April stood at 7.97%.  The unemployment rate in urban areas is 9.78% and in rural areas is 7.13%.  The national unemployment rate stood at 6.50% in March.  Unemployment rates were also lower in urban and rural areas.

Economic activities slowed down due to local lockdown

Vyas says that due to the second wave of Kovid, small lockdowns are being imposed at the local level.  During this time only essential activities are allowed to operate.  Due to this economic activities are slowing down on a large scale.  This is affecting jobs.  Vyas said, “I do not know when the peak of the second wave of Kovid will come, but I can see its stress on the employment front.”

No situation like earlier lockdown: Vyas

On the high unemployment rate, Vyas said that this will also reduce the participation of labor.  In the worst case, both labor participation and jobs will be affected, he said.  However, Vyas said that the situation is not as bad as the earlier lockdown.  The unemployment rate reached 24% in the lockdown imposed last year.

Corona epidemic figures in the country

Total new cases came in the last 24 hours: 3.55 lakh
 Total deaths in last 24 hours: 3,436
 Total cured in last 24 hours: 3.18 lakh
 Total infected so far: 2.02 crore
 So far cured: 1.66 crores
 Total deaths so far: 2.22 lakh
 Total number of patients currently undergoing treatment: 34.43 lakh
More than 1 crore Indians unemployed due to second wave of Corona: CMIE

CMIE (Centre for Monitoring Indian Economy) Chief Executive Officer Mahesh Vyas said on Monday that more than 10 million Indians have lost their jobs due to the second wave of Corona, and the income of about 97% of households has declined.  Last year during the pandemic, the unemployment rate projected by CMIE is expected to hit 12% at the end of May, compared to 8% in April.

This means that in this period about one crore i.e. one crore Indians have lost their jobs.  Stating that the main reason for job losses is "primarily the second wave" of corona infections, Vyas said, as the economy opens up, part of the problem will be solved but not completely. 

He explained that those who lose jobs find it difficult to find employment, specifying that informal sector jobs return quickly, that formal sector and better quality job opportunities take up to a year to return.

The unemployment rate touched a record high of 23.5% in May 2020 due to the national lockdown. 

The International Labor Organization (ILO) of the United Nations said that at least 37 million people in Latin America lost their jobs due to the corona virus.The ILO has urged countries in the region to adopt immediate strategies to deal with the problem.

This figure is higher than the ILO's estimate in early August.According to that estimate 1.4 crore people lost their jobs.Vinicius Pinheiro, the organization's director for the Latin America and Caribbean region, called it an unexpected challenge.

Many experts believe that the second wave of infections has reached its peak and states will gradually start easing restrictions affecting economic activity.  Vyas further said that an unemployment rate of 3-4% should be considered "normal" for the Indian economy, indicating that the unemployment numbers will decline further before the situation improves.  He said CMIE completed a nationwide survey of 1.75 lakh households in April, which presents a worrying trend on income generation during the past year, which has seen two waves of the pandemic.He said only 3% of those polled said they had seen an increase in income, while 55% said their income had declined.
There is a deep fear of derailment of the economy again
The Narendra Modi government at the Center had announced a strict lockdown in March 2020 to control the pace of spread of the corona virus in the country.  Due to this lakhs of people lost their jobs and crores of people lost their jobs. 

Due to this there was a record decline in the GDP of the country. 

Prime Minister Narendra Modi is now asking the states to impose lockdown as a last resort.

The states have to impose lockdown in view of the crippling health system due to the tremendous increase in the number of new cases. In such a situation, there has been a possibility of derailment of the Indian economy once again.
If there is improvement by October, there will be two crore unemployed
CII has also said in a report that even if the situation improves by October, at least 20 million people will be unemployed. 

Experts say that the biggest hit of unemployment will be on people associated with the tourism and hotel sector.About five crore people are

working in this sector.

Tour operator and its associated staff, along with hotel staff, supply of milk, vegetables and other items to the hotel has also provided employment to crores of people.Most of the hotels are closed due to Corona.Experts say that big companies are able to retain employees even after taking losses for some time.

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