Guwahati: As Indian economy limps back to normalcy with Unlock 3, at least 5 million people lost their jobs in July. This despite a recovery in the overall employment rate, according to the Centre for Monitoring Indian Economy (CMIE).
The Think Tank estimates that in April, a whopping number of 121.5 million jobs were lost due to nationwide lockdown. This thinned down to 100.3 million losing their jobs in May and then dramatically reduced to 29.9 million in June. July saw a further reduction in this loss of jobs to 11 million.
While in April, 30% salaried persons were rendered unemployed, by July the numbers were down to less than 3%, CMIE, adding that 11 million job losses, it is still a significant setback.
It is estimated that only 21% of all employment in India are salaried, which is more resilient to economic shocks. As a result, job losses among them accounted for only 15% of all job losses in April.
The recovery in jobs reflects the unlocking of the economy from which were practically halted from the last week of March through April, barring a few activities.
It also reflects that Indians are desperate to get back to some employment after a prolonged involuntary break.