Unemployment in Covid 19

Unemployment with Covid-19

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Unemployment with Covid 19

Unemployment with Covid-19

The whole world is facing problems in this Pandemic situation. But it doesn’t bring chaos to only the virus affected people. The other punishments it bring are also to a high concern. Unemployment is also one of them. Unemployment is not a problem of one person but a problem to the whole society. It affects not just one family but a big part of our society. Unemployment with Covid 19 is one of the worst combination to witness. And it just has started.

Unemployment Rate Shooting Up 

In the middle of our efforts to save our diving economic graph due to sudden explode of the COVID-19pandemic, India’s unemployment rate jumps to 27.11% till the starting of May from the bar of 6.74% in the middle of March, as per the information from the Center for Monitoring Indian Economy (CMIE) showed. Unemployment had jumped more than 5% in the last week of April.

 

The unemployment rate is higher mostly in the urban areas, especially in the Red Zones, the most affected areas that are majorly closed due to maximum Corona(Covid-19) cases. 

The unemployment rate was jumped to more than 29% in the urban areas while about 26% in rural areas. From the Last report, it stood at about 22% in urban areas and 21% in rural areas.

 

Weekly reports of CMIE were pointing on the steady increase of Unemployment from the starting of the explosion of Covid-19 cases in India. Due to extensions of Lockdown and lack of proper Economic Policies, the situation has driven the Indian Economy to grave danger. 

According to a Media Report, about 120 Million people have lost their jobs during the crisis. The number of Covid-19 positive cases were not controlled during the lockdown and seeing the massive dip in Economic Graph, the government finally decided to open lockdown.

 

Though the opening of lockdown was started with the opening of Wine shops across the countries to generate a plenty of revenue within days, very soon the small markets and industries were following. 

But still, after opening the Market, small industries and businesses were unable to bear with the loss from the last three months. The government doesn’t provide any blueprint to save the small and medium enterprises. 

Many of the big industries also shut their operations as they were unable to provide even salaries. The Market has a lot of ‘Grey Area’ to call it profitable since the Pandemic situation.

 

MSME & Unorganized Sectors Take A Hit 

Most of the analysts and Economists are predicting a fatal contraction in this year’s GDP. The MSMEs and unorganized sector of our Industry is suffering through the financial crises and so is the Employment

MSMEs and unorganized sectors contribute to the major percentage of employment which is also dropping every day. The ignorance of such a situation could cost our economy a backdrop of more than a decade. 

We need to act before the Unemployment rate goes beyond corrective measures. If the government is really willing to get our Economy back on track, Now Is The Time.

Photo by Lukas from Pexels

No matter what, Crisp Wire will always bring the correct perspective and reports for you.

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