1st June, 2021
The second wave of the Corona epidemic left more than 10 million people unemployed in the country. Whereas from the first wave till now, 97 percent of the families have recorded a decrease in income. Center for Monitoring Indian Economy (CMIE) Chief Executive Officer Mahesh Vyas gave this information on Monday.
According to Vyas, according to the research institute, the unemployment rate was 12 percent in May as compared to 8 percent in April. During this time, about one crore Indians did not have jobs. The main reason for this is the second wave of corona infection. He said that once the economy starts functioning, the problem can be resolved to some extent, but it will not be complete. Vyas said that people who have got jobs will find it difficult to find new jobs. Employment opportunities are available quickly in the unorganized sector, whereas it takes time to get good jobs in the organized sector.
According to Vyas, the 3-4 percent unemployment rate should be considered 'normal' for the Indian economy. This suggests that it may take time for the situation to recover.
Significantly, last year a nationwide 'lockdown' was imposed to prevent the corona virus epidemic, due to which the unemployment rate went up to a record level of 23.5 percent. Experts believe that the second wave of infection is at its peak and now states will gradually relax restrictions and start allowing economic activities.
Vyas said that CMIE conducted a nationwide survey of 1.75 lakh families in April. This has seen worrying about income generation during the last one year. Only 3 percent of the households surveyed said that their income increased, while 55 percent said that their income has decreased. In the survey, 42 percent said that their income remained the same as last year.
He said that on adjusting the inflation rate, 97 percent of family income in the country has come down during the epidemic.