INSUBCONTINENT EXCLUSIVE:
The joblessness rate had touched a record high of 23.5 percent in May 2020 due to nationwide lockdownA total of 2.27 crore people lost their
jobs throughout the nation due to the 2nd wave of Covid-19 infections, Mahesh Vyas, CEO, Centre for Monitoring Indian Economy stated
Overall number of jobs in the nation is of the order of 40 crore
Of these 40 crore people who were employed, 22.7 crore lost their tasks in previous 2 months, Mahesh Vyas, Head, Centre for Monitoring
Indian Economy said.People who lose their tasks find it tough to get work, Mahesh Vyas had said previously
While informal sector tasks return rapidly, the official sector and much better quality job chances use up a year to come back.Mr Vyas is
optimistic that the situation will improve as the economy opens up, however does not believe it will be resolved completely
On an associated note, many professionals are of the opinion that the second wave of infections has peaked and states will ease financial
limitations in a calibrated way; this is likely to have a positive impact on the job sceneMeanwhile, 97 percent of families' incomes
declined considering that the beginning of the pandemic in 2015, according to a CMIE study carried out in the month of April
In a survey of 1.75 lakh families, only 3 percent of those surveyed said they have experienced an increase in earnings
As numerous as 55 per cent of the surveyed individuals stated their incomes have actually decreased and 42 per cent said their earnings
stayed the same as that in the year-ago duration
Changed for inflation, this indicates that 97 per cent of the homes in the nation have witnessed a decrease in earnings throughout the
pandemic, Mahesh Vyas reckons.The labour participation rate, or the portion of the working age population which remains in the marketplace,
has actually boiled down to 40 per cent from the pre-pandemic levels of 42.5 per cent, he added.Last year, the joblessness rate had actually
touched a record high of 23.5 percent following the nationwide lockdown.
