70 lakh people have lost livelihood following the second wave of COVID

The COVID pandemic has been battering the Indian people by both life and property. And currently the imposing lockdowns all of the country have just made the employement ratio go bleak.

Increased mortality and decreased employment

The COVID second wave has been totally making things worst day by day as the mortality rate is just plummeting across the country. And at these extreme situations, the employment and self-employment ratio has just brought down.

THE CMIE

The Centre for Monitoring Indian Economy (CMIE) has reported that the unemployment ratio has been brought down by 8% by April this year. And currently, the imposing lockdowns in the states like Tamil Nadu, Delhi, and Karnataka has just added more pressure to the case.

And since Monday on a positive note, about 2 crore cases of COVID were recorded and out of which 2 lakh deaths were reported.

Economic downfall and the migrant workers

The lockdowns have a great toll on a state’s economic condition as the shops are closed and which hits the economy of the shopkeepers. Following the shopkeepers, the migrant workers go through a rough time trying to either stay and find employment or travel back to their native places. However, these workers do not have a stable work line and that uncertainty is just zoomed by the lockdown situation.

And according to a report by the investment bank UBS Securities India, the nation’s economic activity has decreased by 7% and is likely to go even below after a few week’s time.

EPFO says

This situation has obviously hit the opportunities for the freshers. Provisional data from the Employees’ Provident Fund Organisation (EPFO) stated that the rate of freshers joining a formal workforce was depreciated greater than the past 3 months time.

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This economic depreciation has also put a burden upon the shoulders of the blue-collar workers as bigger enterprises seek to trim out the labor rate and yet putting immense pressure on the current employees.

Other issues

The current crisis is causing heavy problems to the people as unemployment and other causes such as virulent spreading and oxygen demand in the country.

What do you feel about the current situation in the country on unemployment? Will the matters cease to normalcy in a few months time?

Comment your thoughts below and join us in the discussion.

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