New Delhi: The second wave of COVID-19 rendered tens of millions of Indians jobless with 22.7 million jobs in being misplaced in simply two months (April & May), Mahesh Vyas, Chief of Centre for Monitoring Indian Economy mentioned.
“We lost 22.7 million jobs in April & May during second wave. Total number of jobs in the country is of the order of 400 million. Of these 400 million people who were employed, 22.7 million lost their jobs in past 2 months,” mentioned an ANI report, quoting Vyas.
Earlier this week, a PTI report citing Vyas had mentioned that round 97 per cent of households’ incomes have declined for the reason that starting of the COVID pandemic final yr.
The unemployment fee measured by the think-tank is anticipated to come back at 12 per cent on the finish of May as towards 8 per cent in April, Vyas advised PTI, including this signifies that about 10 million or 1 crore Indians have misplaced jobs on this interval.
Unemployment fee had touched a document excessive of 23.5 per cent in May 2020 as a result of of the nationwide lockdown. Many consultants opine that the second wave of infections has peaked and states will slowly begin to ease the financial activity-impacting restrictions in a calibrated trend, mentioned the PTI report.
Vyas additional advised the information company that an unemployment fee of 3-4 per cent must be thought-about as “normal” for the Indian financial system, hinting that the unemployment quantity must decline for longer earlier than the scenario improves.
Meanwhile, the federal government on Monday launched India`s GDP figures, with information exhibiting that India’s financial system contracted by less-than-expected 7.3 % within the fiscal yr ended March 2021.
The information furnished by the National Statistical Office (NSO) confirmed that actual GDP or Gross Domestic Product at fixed (2011-12) costs in 2020-21 attained a degree of Rs 135.13 lakh crore, as towards the `first revised estimate` of GDP for the yr 2019-20 of Rs 145.69 lakh crore.
“`GDP at Constant (2011-12) Prices in Q4` of 2020-21 is estimated at Rs 38.96 lakh crore, as against Rs 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6 per cent,” in keeping with the GDP estimates launched by the Central Statistics Office (CSO).Besides, the CSO mentioned: “There was a sharp spike from Rs 2.27 lakh crore in BE 2020-21 to Rs 5.95 lakh crore in the revised Estimates for the major subsidies (especially food subsidies) of Centre, presented in Budget 2021-22, in RE 2020-21.”
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With Agency Inputs
