Corona-virus has crushed Indian economy due to which unemployment rate has risen up to 23%
Covid -19 Effect : Due to Lockdown Million of Indians has lost their jobs
Coronavirus has effected the world economy as well as india's economy,and lockdown has now made an economy crisis in india,Considering the initial data on the economy of the coronavirus, it was quite frightening. Based on these figures, it was claimed that due to coronavirus in urban areas, the unemployment rate will increase to 30.9 percent, while the overall unemployment rate was estimated to be 23.4 percent. Consider the data of the Center for Monitoring Indian Economy's weekly survey, the unemployment rate, Mahesh Vyas, the chief executive officer of CMIE, wrote. The private sector research group relied on telephonic interviews after suspending their regular survey in the last week of March.For the full month of March, CMIE estimated the jobless rate to be 8.7% compared with 7.8% in February.“Labour statistics for March 2020 are worrisome,” Vyas said. “These are very big variations and are subject to the usual sampling errors. It, therefore, may not be very wise to focus on the on the magnitude of those movements but on the certainty of the movements.”
India's statistician Pranab Sen said, if based on an estimated calculation, about 50 million or 5 crore people have been unemployed in the last two weeks of lockdown. He further said most people have gone back to their homes due to the lockdown. Thus, in the coming months, the unemployment rate can be seen to be much higher than the projected figures. That is, after the end of the lockdown, accurate data of the unemployment rate will be known.
In India, there has been an 18 per cent decline in job hiring in March this year. According to leading job portal Naukri.com, travel, aviation retail and hospitality sectors recorded the highest 56 %decline in job hiring