New Delhi: States have resorted to complete or partial lockdown and curfew to curb the ever-increasing cases of the Corona Crisis in the country. As such, business activities have either come to a standstill or have become very slow. Due to this, millions of people lost their jobs in the country during April 2021 and the Unemployment Rate increased at the national level. At the moment, there is no room for improvement. In fact, most states are constantly pushing back the lockdown time.
Things are likely to remain bad in May 2021
According to the research firm Center for Monitoring Indian Economy (CMIE), more than 7 million people in the country lost their jobs during April 2021. As a result, the country’s unemployment rate rose to 7.97 percent from 6.5 percent in March. Mahesh Vyas, Managing Director, CMIE, said that there has been a decline in jobs due to business activities stalled due to lockdown. At the same time, he said that the situation of the Corona epidemic remains dire and there is pressure on the front of medical health services. It is feared that the situation will remain the same in May.
Deep fears of re-emergence of the economy
The Narendra Modi Government at the Center had announced a strict lockdown in March 2020 to curb the spread of Coronavirus in the country. Millions of people lost their jobs and crores of people lost their jobs. This led to a record decline in the country’s GDP. Prime Minister Narendra Modi is now asking the states to impose lockdown as a last resort. States are facing lockdowns due to the drastic increase in the number of new cases in view of the health system. In such a situation, there is a fear that the Indian economy may derail once again.
