The destruction of public health around the india is hurting the economies of the affected sttaes. With the imposition of a full-fledged lockdown, various sources of revenue, services, trade and commerce, and other sources of income have been shut down, and governments are facing huge financial losses.
The rising unemployment rate in the wake of the economic downturn in all countries, including the US, is disturbing the world.
The growing unemployment problem under the influence of corona is another crisis. When it comes to India, many shocking facts have come to light in many recent surveys.
According to the latest survey by the Center for the Monitoring of Indian Economy, unemployment has risen to record levels for the first time in the country's economic history. Of the country's population of over 137 crore, about 103 crore people over the age of 18 said they were ready to do something.
As of February 2020, 40.4 crore Indians were employed in various sectors. According to the survey, there are 3.4 crore unemployed people. In the wake of the Lockdown announcement, the country's workforce has declined to 28.5 crore by March 2020. In just two weeks, about 11.1 million people are unemployed, which means losing jobs.
The survey reveals that about 8 crore of them are the sole breadwinners for their families. It is not hard to imagine that the consequence would be worse if these Indians were once unemployed due to the lockdown effect. The National Sample Survey (NSO) also revealed the same.
One-third of the country's population has been ruled out by the economic crisis. The NSO has warned that it will poison the lives of 136 crore people. Another survey found that 56% of hotels, travels, 38% of the auto industry, 26% of pharmaceuticals, 11% of insurance and 9% of IT industries were affected.
Yet workers, workers, daily workers and freelancers in almost all sectors, including aviation, manufacturing systems and construction, are at risk of serious financial problems. Economists and analysts say public governments should respond quickly and take the appropriate action and help the unemployed in this predicament.
The hope is to provide adequate financial support to small and middle-class industries, thereby reducing the unemployment rate to some extent. As well as rural employment in areas where corona is less prevalent.
The financial package already announced to the MSMEs by the central government is unclear. The rulers set up field-level treatment centers on a war-based basis.
It is a great time for the central and state governments to prepare for joint action, recognizing the danger of starvation in the world's largest democracy.
- AMAN
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