Over 2.7 Crore People In Their 20s Lost Jobs In April: CMIE

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The condition of people in both urban and rural sectors have started to become deteriorated to due unemployment. A large number of migrant workers are returning to their hometown due to non-availability of work. Now worrisome news regarding unemployment and livelihood is released by CMIE.

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According to an estimate by Centre for Monitoring Indian Economy (CMIE), over 27 million (2.7 crores) people in their 20s lost jobs in April. About one-third of the families in the country now have resources to survive for a week. Moreover, the urban unemployment rate has increased to 8.2%.

Moreover, around 33 million people in their 30’s lost their job in April out of which 86% are men.

The results of this study by CMIE got released recently, covered the aspects of lockdown on the income of Indian families. This study showed that during the lockdown, the monthly salary of about 84% of the families had fallen sharply. Around 34% of families across the country can’t outlive than a week without additional help. This study found that with the rapid increase in unemployment, the income of families decreased.

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Unemployment has been steadily increasing since the onset of the Covid-19 epidemic in India and stood at 23.81 per cent during the week ended March 29. According to CMIE data, the monthly unemployment rate in April was 23.52 per cent.

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11% of those who lost jobs were aged 20–24, which is 8.5% of the total employed people in 2019-20. People of this age group of 25-29 years accounted for 11.1% of the total employment in 2019-20, but the job loss stood at 11.5%. Major job layoffs are from sectors related to manufacturing, hospitality, automobile, IT and other contractual industries. The job losses in urban as the well rural sector will affect the savings as well as their livelihood.

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In this regard, CMIE Chief Economist Kaushik Krishnan stated, “If we talk about the whole country, the condition of 34 per cent of the houses is deteriorated. They have the necessary resources to live life for a week. After a week they will have nothing left. ‘He also said that people of low-income groups in society need aid immediately. For this, people of such class need to get cash quickly.