The second wave of Corona broke the waist of the common man, leaving more than 1 crore people unemployed

- About 97% of households have lost income since the beginning of the Corona epidemic

New delhi date. May 01, 2021, Tuesday

The Corona virus epidemic has broken the back of the economy. According to recently released figures, the second wave of Corona has left more than 10 million people in India unemployed. Since the onset of the Corona epidemic, about 97 percent of households have lost income.

The figures were released on Monday by Mahesh Vyas, chief executive of the Center for Indian Economy (CMIE). According to Mahesh Vyas, the unemployment rate could reach 12 per cent in May, up from 8 per cent in April.

About 10 million people lost their jobs during this period, mainly due to the second wave of Corona. According to Mahesh Vyas, now that economic activities are opening up, only a few troubles will come to an end, not all.

Recovery will happen gradually

Mahesh Vyas said that those who have lost their jobs are finding employment with great difficulty. The informal sector is recovering to some extent but it will take time to return to the formal sectors which have good quality jobs.

In May 2020, the unemployment rate reached 23.5 percent and at that time there was a national lockdown. But this year, when the second wave of corona came, the states gradually imposed sanctions at their own level and the works that had begun were again shut down.

According to Mahesh Vyas, if the unemployment rate stays at 3-4 per cent, it will be considered normal for the Indian economy. CMIE surveyed about 17.5 lakh households and collected information on household income. In the Corona period, the income of many families has decreased a lot compared to before.