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27.1% is the latest Jobless rate in India

Last month, when the lockdown was announced, it forced around 122 million people out of jobs in the country. This is according to estimates of a private think tank.

With the lockdown imposed, almost all the businesses in the country have been shutdown. The lockdown also pushed the jobless rate of the country to 27.1% in a week.

The most affected people due to this lockdown are daily wage workers and employees working with small businesses. This list includes hawkers, roadside vendors, workers in the construction industry, and people who push handcarts and rickshaws.

Mahesh Vyas, Cheif Executive of the CMIE has said that these numbers are outrageous. He also defined this as human tragedy as these people belong to the most vulnerable part of society.

In USA, the number of people who applied for unemployment benefits is around 30 million over 6 weeks. The situation in India is much worse as the number of people unemployed / affected by this lockdown is almost 4 times the number of the US. With the extension of lockdown, this data could get much worse.

During the first stages of lockdown, it has hit the daily labor, the most vulnerable part of society. Gradually it has started affecting the most secure jobs as well, with startups looking to layoff their employees to cut costs.

This economic crisis will be a big test for Modi. Even though the lockdown are imposed, the popularity of Modi did not decrease. His approval rating has increased from 76% to 83%, according to the latest statistics.

The jobless data is not regularly published by the government. Private surveyors like CMIE are responsible for publishing such statistics and many companies rely on the data. When the govt. last published the unemployment data back in May 2019, the unemployment rate is 6.1% from June 2018.

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