Over 2 Crore Jobs Lost In April And May Due To Covid 2nd Wave, Says CMIE

While informal sector jobs come back quickly, the formal sector and better quality job opportunities take up a year to come back, according to Mahesh Vyas, CEO,Centre for Monitoring Indian Economy

A total of 2.27 crore people lost their jobs throughout the country due to the second wave of Covid-19 infections, Mahesh Vyas, CEO, Centre for Monitoring Indian Economy said. "Total number of jobs in the country is of the order of 40 crore. Of these 40 crore people who were employed, 22.7 crore lost their jobs in past 2 months," Mahesh Vyas, Head, Centre for Monitoring Indian Economy said. People who lose their jobs find it hard to get employment, according to Mahesh Vyas. While informal sector jobs come back quickly, the formal sector and better quality job opportunities take up a year to come back.Mr Vyas is optimistic that the situation will get better as the economy opens up, but does not believe it will be solved entirely. The unemployment rate had touched a record high of 23.5 per cent in May 2020 because of the national lockdown. Many experts are of the opinion that the second wave of infections has peaked and states will ease economic restrictions in a calibrated manner.