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Opinion | Our unemployment crisis demands structural solutions
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We must revise policy in favour of workers who need protection from the impact of economic downturns With the Great Lockdown extended for two more weeks, albeit with some relaxations, the economic costs of India’s fight against covid-19 can be seen in rising joblessness.
By the Centre for Monitoring Indian Economy’s (CMIE’s) latest estimates, unemployment rate has shot up to 27.1%, the highest ever on record.
By CMIE’s Consumer Pyramids Household Survey, employment fell by 114 million in April. In March, it had dropped to 396 million.
Even large, well-endowed firms have reported large employment losses. The picture is grimmer in the micro, small and medium enterprise (MSME) sector, where 70% of 40,000 firms are estimated to have no
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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