IANS The government will need to roll out a relief package worth Rs 8 lakh crore to contain hardships being faced by lower-income groups due to the economic impact of COVID-19, a report by Azim Premji University said on Wednesday.
The report is based on inputs from Consumer Pyramids Household Survey, Azim Premji Foundation, and many other civil society organisations.
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.
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.
Higher income households to drive revival in consumer spending, says CMIE
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Data shows consumer sentiments in March 2021 were down by 46.8% compared to the average in 2019-20,. However, the consumer sentiments of households with annual incomes of less than Rs 400,000 was about 43% than the index in 2019-20 while the consumer sentiments of households with incomes between Rs 400,000 and Rs1,000,000 was about 55% lower than in 2019-20.
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“India’s revival in consumer spending is likely to be driven by households that earn more than a million rupees a year when the lockdown is lifted,” CMIE said in its weekly analysis.
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.
Despite higher education, women participation in labour market remains low: CMIE
Either Indian women are not willing to go out to work or they are not allowed to go out to work or people are not willing to give them work in spite of their education, Vyas said.
BusinessToday.In | March 17, 2021 | Updated 15:46 IST
Indian women work a lot, but their work is predominantly at home in service of other members of their household.
Despite superior education than men, participation of women in India s labour market, especially in urban areas, remains low, as per the Centre for Monitoring Indian Economy (CMIE).