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India s deep economic paralysis just set in
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How Second Wave Is Decimating Rural Economy
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India s GDP growth for the financial year 2020-21 was revised to -7.3 percent from -8 percent, as the country registered a 1.6-percent economic growth in the January-March quarter, according to government data released recently.
However, the signs of economic recovery India witnessed during the last quarter of the financial year are being erased by a rampant second wave of the COVID-19 pandemic.
At present, India continues to record over 100,000 new COVID-19 cases each day. Amid the second wave, many states have announced lockdowns and curfews, with most industrial activities suspended, hence fewer household incomes and a higher unemployment rate.
P. Chidambaram, a Congress opposition leader, noted Tuesday that the per capita GDP had fallen below 100,000 Indian Rupees (1,372 U.S. dollars) over the financial year 2020-2021, down by 8.2 percent year-on-year.
Unemployment rate shoots up to 12-month high of 11.9% in May
Unemployment for June 2020 had come down to 10.18 per cent in June 2020 after it touched its peak of 23 per cent amid severe lockdown curbs in May 2020
Manoj Sharma | June 3, 2021 | Updated 15:32 IST
Over 1 crore people lost their jobs because of the second wave of coronavirus
The unemployment rate shot up to a 12-month high at 11.9 per cent in May compared to 7.97 per cent in April as most states remained under lockdown amid the second wave of Covid-19, data from the private think tank Centre for Monitoring Indian Economy (CMIE) shows.
Unemployment for June 2020 had come down to 10.18 per cent after it touched its peak of 23 per cent amid severe lockdown curbs in May 2020. The high unemployment rate for May reflects joblessness across urban and rural areas. Urban and rural areas account for 14.73 per cent and 10.63 per cent unemployment rate, respectively.
Ramesh Ram, 31, is listed as a textile industry staff worker in the administration s database of migrant workers in south west Bihar s Kaimur district. But for the last three years, Ram has worked as a contract labourer among the tens of thousands employed at the Alang ship-breaking and recycling yard in Gujarat, making enough to get by. Today, Ram is back in his village, with no work, no capital to till his small parcel of land, and living in penury with his family of six, which includes three young daughters aged 6, 8 and 10. Even before the second Covid-19 wave hit India this February, tens of millions of workers such as Ram had barely managed to recover from the adverse economic effects of the nationwide lockdown to control the spread of the Covid-19 pandemic in 2020.
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