Advertisements
Get Ignite
TRENDING
  • Submit Press Release
  • Our Team
  • Editorial Policy
  • Home
  • Crypto News
  • Finance News
  • Gaming News
  • Tech News
  • Tech Guides
  • Editorial
Get Ignite

Corona effect: One in every four don’t have work, highest unemployment rate

by Gracia Wales
in Finance News
2 min read
Corona effect: One in every four don’t have work, highest unemployment rate
14
SHARES
Share on FacebookShare on Twitter

The corona crisis and lockdown have led to a drastic decline in the employment of people in India. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate rose to 27.11 percent in the week ended May 3, meaning one in every four people has become unemployed. This is the highest unemployment rate ever in the country.

Mumbai think tank CMIE said the unemployment rate was the highest in urban areas at 29.22 percent, with the highest number of red zones due to the worst affected areas of corona infection. The unemployment rate in rural areas was 26.69 percent.

Unemployment may increase further

The labor participation rate has risen to 36.2 percent in the week of May 3 as compared to 35.4 percent in the week of April 21. The unemployment rate reaching record levels means that there is a huge shortage of employment and one in four men are not getting work. There is also apprehension about the further growth of this figure. Nasscom, an organization of about 2,800 IT companies, has also warned of layoffs.

It is noteworthy that the corona has stalled the economy of the world, including India. In India, the industry remained completely closed in a two-phase lockdown of about 40 days. Despite softening in the third phase of lockdown, the wheel of industries is not able to run properly. Employment cannot be expected. Thousands of migrant workers from big cities are heading back home.

Advertisements

In India, unemployment has been rising steadily since the corona outbreak and has risen wildly after the lockdown on March 25. According to CMIE data, though the unemployment rate during the entire March month was just 8.74 percent, it reached 23.81 percent for the week ended March 29 after the lockdown. The monthly unemployment rate in April was 23.52 percent.

76 percent unemployment in Puducherry!

According to statistics, Puducherry had the highest unemployment of 75.8 percent in South India at the end of April. This was followed by 49.8 percent unemployment in the neighboring state of Tamil Nadu, 47.1 percent in Jharkhand, and 46.6 percent in Bihar. According to CMIE, the unemployment rate in Maharashtra was 20.9 percent, while Haryana had 43.2 percent, Uttar Pradesh 21.5 percent, and Karnataka 29.8 percent.

get ignite
Gracia Wales

Gracia is a senior writer at Get Ignite, where she covers media and advertising and co-hosts the Original Content podcast. Previously, she worked as a tech writer at Adweek, a senior editor at the tech blog VentureBeat, and a local government reporter at the Hollister Free Lance. She attended Stanford University and now lives in Brooklyn.

Advertisements
Share5Tweet3Send

Related Posts

Google Pay: Your personal data is being stored? Case in Delhi High Court on 14th
Finance News

Google Pay: Your personal data is being stored? Case in Delhi High Court on 14th

IRCTC
Finance News

IRCTC New Website: 10,000 tickets booking every minute

sensex
Finance News

Brexit Trade Agreement: Sensex-Nifty’s new record, reaches new high

Chinese economy
Finance News

Chinese Economy Prepare to Surpass the U.S earlier than anticipated

GDP growth to remain positive in FY21 3rd quarter, faster than expected recovery: RBI bulletin
Finance News

GDP growth to remain positive in FY21 3rd quarter, faster than expected recovery: RBI bulletin

Titan’s second-quarter results: Profit down 38% to Rs 199 crore
Finance News

Titan’s second-quarter results: Profit down 38% to Rs 199 crore

Next Post
69 percent! India now have highest tax in the world on petrol-diesel

69 percent! India now have highest tax in the world on petrol-diesel

About Us

At GetIgnite, We aim to bring impartial and accurate news and information about a wide range of topics within the Finance and Technology Field. We are a team of enthusiasts and professionals who work hard to produce a reliable piece of information. We cover a broad segment of the FinTech Industry and attempt to provide updates about changes taking place in this fast-paced world.

Contact Us

Email us at [email protected]

  • Home
  • Crypto News
  • Finance News
  • Gaming News
  • Tech News
  • Tech Guides
  • Editorial
Advertisements
  • About Us
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Terms And Conditions
  • Use Of Cookies
  • Our Team
  • Submit Guest Post

© 2022 GetIgnite. All Rights Reserved.

  • Home
  • Crypto News
  • Finance News
  • Gaming News
  • Tech News
  • Tech Guides
  • Editorial

© 2022 GetIgnite. All Rights Reserved.