One crore jobs lost in India due to Covid second wave, says CMIE chief executive
NEW DELHI: Over 10 million or 1 crore jobs were lost in India due to the second Coronavirus wave.
The Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas has said this regarding the unemployment figures.
He said that mostly the job losses were due to this second wave. Besides, nearly 97% Indian households have seen a decline in income since the Coronavirus first hit India, he further said.
However, the job losses are mostly such that it will take time for situation to change, especially, in the formal sector. Compared to the first wave, the second wave hit the economy badly. It is becoming increasingly more difficult to get job, after losing employment.
The situation will improve once economy opens, but it can't be expected to be completely on the track due to the long-term affect. People in the informal sector are likely to get employment earlier, compared to those in the formal sector.
The CMI conducted a nationwide survey of households and the figures are based on it. As second wave is now going down, there is hope that the economic activity would restart and the situation would change for better. Experts say that it will still take sometime. [June 1, 2021 NewsBits.in]