- Talent Management
- Movements
- Employee Experience & Culture
- Work Life Balance
- Learning & Development
- More
- Talent Management
- Movements
- Employee Experience & Culture
- Performance Management
- Compensation and Benefits
- Hiring Firing
- Employee Wellbeing & Safety
- Diversity and Inclusion
- Compensation and Benefits
- Learning and Development
- Leadership
- HR Tech
- HR Trends & Global HR News
CMIE reveals unemployment at a 4-month high of 8%; 75 lakh jobs impacted
“In the month of April, compared to March, we have lost 75 lakh jobs. That is what has caused the jump in the unemployment rate,” CMIE Chief Mahesh Vyas told news aggregator PTI
Photo Credit : Image for representational purposes ,
The localized lockdowns across the multiple states in the country with the onset of the second wave of the deadly coronavirus pandemic has impacted over 75 lakh jobs, pushing the unemployment rate in the country to a four-month high of 8 per cent, according to the Centre for Monitoring Indian Economy (CMIE) which released the details yesterday.
With statewide lockdowns sprouting in various states and essential services employed
Reportedly, unemployment is predicted to continue remaining a challenge going forward, according to CMIE's Managing Director and Chief Executive Mahesh Vyas.
“In the month of April, compared to March, we have lost 75 lakh jobs. That is what has caused the jump in the unemployment rate,” he told news aggregator PTI.
Currently, the national unemployment rate has touched 7.97 per cent according to the centre's proprietary data, with rural unemployment at 7.13 per cent and more stress on Urban areas where the unemployment rate stands at 9.78 per cent. Earlier in March, the National Unemployment rate stood at 6.50 per cent with lower figures in both urban and rural locales.
Vyas observed, “I do not know about the peaking of the COVID wave, but I can see the stress on the employment front,” He anticipates that while unemployment levels remain high, the labour forces participation could also fall. “In the worst situation, both can happen,” He further added.
But he maintains that the current wave is not as dire as the first lockdown in terms of joblessness as the then unemployment rate had touched 24 per cent.
Currently, India is battling a daily average of 3,70,000 cases with over 3500 deaths reported daily. While another nationwide lockdown was deemed unlikely post the Prime Minister's last address, individual states are resorting to it to curb the climbing case figures. The larger impact this will have on economic activity remains to be seen.
Inputs from PTI
