UPDATED: May 28, 2021 18:45 IST
India s unemployment rate is likely to rise sharply in May 2021 due to strict localised lockdowns across most states. (Photo: Reuters/Representational image)
With the second wave of the Covid-19 pandemic far from over in India, states are likely to go slow on the process of unlocking key economic activity. The unemployment rate has surged sharply as a result. The unemployment rate in May is likely to rise further due to increased restrictions on mobility and economic activity.
Mumbai-based think tank Centre for Monitoring Indian Economy (CMIE) recently said that the 30-day moving average employment rate fell by 100 basis points on the week ended May 23. It denotes a loss of 10 million or one crore jobs.
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According to an analysis by the Centre for Economic Data and Analysis (CEDA), based on theInternational Labour Organization’s (ILO) ILOSTAT database, India’s unemployment rate in 2020 was the highest since 1991.
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The world’s worst coronavirus outbreak has battered India’s economy and lifted its official Covid-19 death toll to more than 318,000 a figure that experts say is likely a significant undercount.
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