According to the latest CMIE report: Unemployment rate in India has reached to the highest at 27.1% for April 2020 resulted 12.2 crore people have lost jobs across all the sectors.
91.3 million people working on daily wage and small traders were out of jobs in April, followed by employment losses to 18.2 million entrepreneurs, and 17.8 million among the salaried
The Indian lockdown forced 12.2 crore people out of jobs in the country in last April month. After the government’s imposed a 40-day nationwide lockdown, Employment get drowned in April 2020, forcing businesses to shut and pushing up the jobless rate to 27.1% , survey report by the CMIE showed.
according to CMIE, Daily wage workers and those employed by small businesses suffered a massive setback. These include hawkers, roadside vendors, construction industry workers and many people who push rickshaws.
91.3 million people working on daily wage and small traders were out of jobs in April, followed by employment losses to 18.2 million entrepreneurs, and 17.8 million among the salaried.
Mahesh Vyas, CEO of CMIE wrote in the Business Standard newspaper “This is not just an opinionated number. This is a human tragedy because these are perhaps the weakest parts of society. Initially, a lockdown only hurts the most vulnerable labor that is employed informally in unorganised sectors. Gradually, it starts hitting the more secure jobs. Startups already have announced lay-offs and industry associations have warned of job losses.”
India’s job loss estimates are more than four times that of the 30 million Americans who have filed for unemployment benefits over six weeks. CMIE warned that data in India could be worse with lockdown extended in many areas.
The government does not publish regular unemployment data to guide the labor market to investors who rely on CMIE’s surveys. Government released last official data in May 2019 estimated the unemployment rate at 6.1% in the year to June 2018.