Unemployment is one of the crucial problems faced in India. To see from the past five years from 2015 the level of unemployment was deflating year by year.
But now due to COVID 19 lockdown, it has affected a historic high of unemployment costing over 114 million jobs, who were mostly small traders and daily wagers, as per the data of Centre for Monitoring Indian Economy (CMIE).
CMIE is nothing but an independent business information company in India, which provides services to governments, academia, financial markets, business enterprises, professionals, and media.
As per Hindustan Times, the country’s unemployment rate has reached 27.1 percent at the end of May.
The unemployment rate has risen because of the reduction in the labor participation rate from 35.4 % in the week of April 21 to 36.2% in the week ended May 3.
Now to look in the affected communities, most are from small traders and daily wagers.
To see the variations in unemployment rates by states:
As per Times of India, The rates are above 20 percent in the states, such as 28.4 percent in Tripura, 25.8 percent in Haryana, and 22.2 percent in Jammu and Kashmir.
But states which were below 3 percent are Puducherry 1.8 percent, Meghalaya and Tamil Nadu 2.1 percent and Goa were 2.8 percent.
There are few frequently updated government metrics for tracking jobs in India, specifically in informal sector.
As per First Post, Around 27 million youth in the age group of 20 – 34 Years in April 2020. In the year 2019 – 20, the age group of 20 – 24 years where 8.5 percent of total employed persons in the country. But they were 11 percent of them out of the job loss and over 13 million youngsters lost their jobs in lock-down. Job losses in this pandemic are likely to raise the proportion of households in debt which might also possibly raise debt negligence.
So what do you think the Indian government will take measure to compensate the loss, send your comments to our mail.