The COVID-19 has been attacking every sector in the world at a brutal pace and even the most developed countries like the United States of America failed to regain control from this pandemic. The economic systems of many countries have been disrupted and there is no idea about how many years the after-effects of this crisis will last.
For a developing country like India, the GDP growth was hindered in a much worse way due to this pandemic and during the lockdown period about 12 crore people lost their jobs. This is just ridiculous as they constitute about 8.5% of the country’s population. This is the worst phase for India’s economy for the past two decades.
Though 75% of people were recruited as soon as the exemptions were given, still 3 crore people have been left unemployed. Compared to last year, 7.1% more people were suffered from unemployment in this year’s June and this tells us the pathetic situation the country is suffering all these days.
Mostly, the daily wage earners are the worst hit in India as they constitute 75% of the people who lost their jobs during the lockdown and even the majority of the people who gained the jobs during the Unlock period are also the same.
This tells us how dependent our country is on laborers and if the government can reimburse them with better policies without any politics after this pandemic gets over, India may recover a bit economically.