covid-19 second wave causes more than 75 lakhs job losses in india unemployment rate surges

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CMIE figures, more than 75 lakh people lost their jobs in the second wave. (Symbolic picture)

Mumbai:

More than 7.5 million people have lost their jobs due to the second wave of Kovid-19 pandemic and the ‘lockdown’ and other restrictions imposed to prevent it. With this, the unemployment rate has reached a four-month high of 8 percent. The Center for Monitoring Indian Economy (CMIE) said this on Monday.

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CMIE Managing Director and Chief Executive Officer (CEO) Mahesh Vyas said that the situation is expected to remain challenging on the employment front in the coming times. He said, ‘We lost 75 lakh jobs in the month of April compared to March. Due to this the unemployment rate has increased.

According to the Central Government figures, the national unemployment rate has reached 7.97 percent. In urban areas, the unemployment rate is 9.13 percent while in rural areas it is 7.13 percent. Earlier, the national unemployment rate was 6.50 percent in March and the rate was relatively low both in rural and urban areas.

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As the Kovid-19 epidemic has escalated, many states have imposed other restrictions, including ‘lockdown’. This adversely affected the economic activities and consequently jobs have been affected.

Vyas said, ‘I do not know when the Kovid-epidemic will reach its peak, but the pressure on employment can definitely be seen.’ However, he said that at present, the situation is not as bad as was seen earlier in the ‘lockdown’. At that time the unemployment rate had reached 24 percent.

(This news has not been edited by the NewsBust team. It has been published directly from the Syndicate feed.)

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