As per the calculations based on CMIE-CPHS data, the report said, around 23 crore people are estimated to have fallen below the national minimum wage poverty line due to the impact of COVID-19 on the economy and around 1.5 crore workers remain jobless by the end of 2020, the report titled State of the Work 2021 said.
Household savings, consumer sentiment to drive economic recovery post pandemic: CMIE
Citing data from RBI, CMIE said household financial savings in India shot up to 21 per cent of GDP in the first quarter of fiscal year 2020-21 after averaging 7.2 per cent in 2018-19.
BusinessToday.In | April 6, 2021 | Updated 15:30 IST
Consumer sentiments will also play an important role in recovery from COVID-19 pandemic, CMIE said.
The coronavirus pandemic and the subsequent lockdown to curb the spread of infections hit consumer sentiment in India and led to an increase in household savings, and these two factors will drive the economic recovery after the pandemic, think tank CMIE has said.
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CMIE data shows the index of consumer sentiments stood at 55.1 in February, half the pre-lockdown levels. Consumer sentiment index stood at 105.3 in February 2020, which was just a month before the lockdown.