COVID-19 impact :Unemployment rate in India at 45 years high

The unemployment rate in India currently stands at 23.8 %. Post lockdown due to coronavirus across the nation, people have lost their jobs overnight. This figure can increase at an accelerating rate as per the reports of CMIE. 15 crore people can lose their jobs because of the lockdown imposed by the government without taking specific measures.

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The unemployment shock of Coronavirus in India 

Amid the COVID-19 outbreak, there have been many changes in the economy of India. Due to the nationwide lockdown, India’s unemployment level has spiked up to 23%. Statisticians have also stated that roughly 50 million people have lost their jobs in just two weeks of the lockdown. Speculations are being made that the level of unemployment could surge ahead in the coronavirus outbreak. 

 

The Great Depression of Coronavirus in India

Talking about the comparison of India and the USA’s unemployment condition, it has been brought to the warning that the unemployment level of India is way worse than that in the USA. Currently, in the USA, because of the coronavirus outbreak, nearly one crore people had to lose their jobs. According to the projections, Indians are going to lose 12 crore jobs. During the Great Depression in the USA, 1.5 crore people had lost their jobs. Even if we add all the unemployed people of Europe at that time, it would still not exceed 5 crores. By comparing all these figures and data, we can conclude that India is in an awful place right now. The nationwide lockdown has devastated the employment market of India.

The startup stories of India were all set to compete with the world markets, but coronavirus damaged the economy of India, bringing everything to a halt. Internshala features various startup stories that have come to hold because of the global pandemic. These startup stories were supposed to bloom in 2020. Startup stories encountered a fantastic start in the first two months of 2020.

 

India jobless rate spikes

While everyone was busy focusing on the Coronavirus case growth in the country, a shocking revelation was made by the  Centre for the Monitoring of Indian Economy (CMIE) about the unemployment rate in the country. The unemployment rate in India last week was calculated to be 23.8%. The labor participation rate had fallen to 39%, and the employment rate stood staggered at a mere 30%. The statistics provided by CMIE are worrisome, and the Modi government needs to step in to take control of the employment situation in the country amid the coronavirus outbreak. 

The startup stories were expected to grow in India in the year 2020, but because of the coronavirus pandemic, the startups have started suffering. The startup stories could not find their places to adjust in India because of the global outbreak. All the startup stories just stopped, which were going to represent India’s startup culture. 

 

The backlash of Indians who lost their jobs overnight

Indians had to lose their jobs to coronavirus overnight as various companies decide to layoff employees because of the ongoing coronavirus. Amid a pandemic taking over the world, people are losing their jobs, which are their source of income. Various startup stories that were going to provide people with employment opportunities have come to a stop. The employable percentage of the people in India is way more than the current employment rate, which is making people jobless. 

 

The reaction of the Modi government 

The government has decided to compensate whose jobs in companies, and startup stories have been impacted by coronavirus pandemic. Workers can avail of the benefits of employment insurance under the ‘Atal Beema Vyakti Kalyan Yojana’ if they have been affected by the coronavirus. The central government, along with the Finance Minister Nirmala Sitharaman, is looking into the matter and deciding upon ways to control the employment situation in the country. Compensation for various sectors and startup stories is being agreed upon by the Central government.

 

Role of Internshala – Startup stories in the global pandemic

Internshala has become the most searched word by the people since the shutdown due to coronavirus outbreak. Internshala is a website that offers job-seekers with internship and job opportunities. Internshala features companies that offer work from home internships and jobs with decent pay. Internshala features various startup stories that are still offering jobs to the deserving candidates. Internshala has become an aid for the people who have lost their jobs overnight. Internshala has made the lives of people a bit easier by providing them with internships and job opportunities with various specializations. Internshala features startup stories that focus on providing job opportunities to the unemployed.

 

Following are the reasons why people are heading to Internshala – Startup stories :

  • Verified startup stories companies at Internshala
  • Decent pay by startup stories
  • More chances of growth by working in startup stories through Internshala
  • Chances of being hired by startups are more likely at Internshala
  • Good chances of networking by working in startup stories.

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Aakriti Suri
Aakriti Suri
Aakriti is a MBA student who believes in extremes. She has been using writing to express herself in a better way. She believes that she is not much of a writer but a sharer instead.

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