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Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas has made some shocking revealtions regarding the economic and employement situation in the country amid the Covid pandemic. Vyas claimed that the second wave of the deadly Coronavirus has left over 1 crore Indian jobless while around 97 per cent of households’ incomes have declined since the beginning of the pandemic last year.
As reported by news agency PTI, the unemployment rate measured by the think-tank is expected to come at 12 per cent at the end of May as against 8 per cent in April.
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Elaborating on the difference between job in formal and informal sector, Vyas reportedly said, “The main reason for the job losses is “mainly the second wave” of COVID-19 infections. As the economy opens up, part of the problem will be solved but not entirely. people who lose jobs find it hard to get employment, specifying that while the informal sector jobs come back quickly, the formal sector and better quality job opportunities take up to a year to come back.”
He revealed that CMIE conducted a nation-wide survey of 1.75 lakh households in April and the results are worrysome as it highlights worrying trends on income generation during the last one year, which has witnessed two waves of the pandemic.
Elaborating on the data collected furing the survey, Vyas told that only 3 per cent of those polled said they have witnessed an increase in incomes, while 55 per cent said their incomes have declined. An additional 42 per cent of the people said their incomes remained the same as that in the year-ago period.
Vyas noted that the impact of the pandemic on salaried jobs is relatively less, and largely limited to urban India however, people indulged in small businesses and daily wage employees faced the brunt of the economic disruption caused by the pandemic.
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