Asort s initiative: opening new horizons for its micro entrepreneurs aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.
India's economy is likely to grow at the fastest rate among all other major economies this year despite the deadly second Covid-19 wave. However, the projected 10% growth annual rate will depend on two key factors. Here is all you need to know.
Govt is turning a Nelson’s eye to sinking economy
Despite the smaller numbers, the unemployment rate still shot up to 8% compared to 6.5% in the previous month.
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EXPRESS ILLUSTRATION
The data on jobs for April is in, and it is not a pretty picture. The pandemic’s rampage was at its peak last month, and the continuing lockdowns have taken a heavy toll. Employment numbers have been worse than expected. The Labour Participation Rate (LPR) the number of people who are available for employment as compared to those who have given up and left the labour market dropped sharply in April to 39.98%, the lowest level since May 2020. The Centre for Monitoring India Economy (CMIE) said the LPR fell for a third straight month as state after state, attempting to combat the transmission of the virus, imposed full-scale or partial lockdowns.
Waning consumer sentiment, vanishing jobs add to worries
A survey of LinkedIn and direct postings on job boards showed active vacancies fell 31%, from 2,90,000 in March to 2,00,000 in April.
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The sharp rise in urban unemployment shows the phenomenon of reverse migration of workers going back home to the villages from cities has again become pronounced.
The second deadly wave of Covid infections in April has expectedly hit the marginally recovering job market hard. Local lockdowns and postponement of projects in the pipeline have taken away 75 lakh jobs, pushing the unemployment rate to a four-month high of 8%, according to the Centre for Monitoring India Economy (CMIE).
Explained: How Covid restrictions are hurting economy during 2nd wave indiatoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatoday.in Daily Mail and Mail on Sunday newspapers.