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India’s strict Covid-19 lockdown puts 122 MILLION people out of work

India’s strict Covid-19 lockdown puts 122 MILLION people out of work
The Centre for Monitoring Indian Economy (CMIE) said on Monday that India’s unemployment rate in May rose to 23.48 percent as a result of the pandemic lockdown. The May figure is marginally lower from April’s 23.52 percent rate.

Some 122 million Indians were forced out of jobs last month alone, according to CMIE’s estimates. Daily wage workers and those employed by small businesses have taken the worst hit, it said. Among these are roadside vendors, people employed in the construction industry, rickshaws and many others.

Statistics show that urban India has a higher unemployment rate and a lower labor participation rate compared to rural India.

CMIE said earlier that the economic measures announced by the government aren’t going to kick in for some time and industry will likely struggle to restart because of the flight of labor from India’s industrial hubs. 

Also on rt.com Indian economy to contract sharply as pandemic cripples activity – S&P

Government data showed the country’s infrastructure output, which contributes nearly 40 percent in industrial production, has contracted 38.1 percent in April from a year earlier. That’s the worst performance in years. 

India went into a strict lockdown more than two months ago due to coronavirus outbreak. Official data suggests that decision prevented the loss of between 37,000 and 78,000 lives.

READ MORE: India’s unemployment rate remains high despite lifting of lockdown measures

On Saturday, the country announced plans to start easing its strict national lockdown. As part of a three-phase plan, from June 8 restaurants, hotels, shopping centers and places of worship will be allowed to re-open in many areas. Weeks later (probably in July) schools and colleges will resume teaching.

As of Monday, the country has recorded over 191,000 Covid-19 cases and more than 5,400 deaths.

For more stories on economy & finance visit RT's business section

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