7.4 million job losses in April due to lockdowns, unemployment rate jumps to 8%: CMIE
https://economictimes.indiatimes.com/news/economy/indicators/1-1-million-job-losses-in-april-due-to-lockdowns-unemployment-rate-jumps-to-8-cmie/articleshow/82600685.cms As per the CMIE, the loss of salaried jobs during these three months totalled 8.6 million, while the cumulative loss of salaried jobs since the pandemic started last year was 12.6 million. India had 85.9 million salaried jobs in 2019-20. This has come down to 73.3 million in April this year.
The CMIE said salaried job losses were disproportionately from rural India — 68% in rural vs 32% in urban India. Urban India accounted for 58% of total salaried jobs in 2019-20, while rural salaried jobs accounted for 42%.
“This disproportionate share of rural salaried jobs in the losses indicates that the damage is mostly among the medium and small-scale industries that are located predominantly in rural India,” it said.
According to the CMIE, the second wave of Covid-19 has stalled economic recovery. “New investments that could create jobs in large numbers are unlikely to be made during the year,” it said, adding that prospects for jobs looked bleak during 2021-22.
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