In the wake of the central government announcing the lockdown extension for the third time, Centre for Monitoring Indian Economy (CMIE) on Tuesday revealed some shocking facts over the plummeting economy. Based on a detailed study over the corona crisis in the country, CMIE, the Mumbai-based think tank stated that the unemployment rate in the country spiked to 27.11 per cent.
According to the reports, as many as 12.2 crore people lost their jobs in the month of April 2020 itself and that the unemployment rate is an all-time high. This unemployment was recorded to be high in states like Maharastra, Haryana, Uttar Pradesh and Karnataka from the past few weeks in specific. The CMIE report came close on the heels of the country’s already-slowing GDP expansion stares at the economic fallout from the outbreak.
The government has so far announced income and food support to the vulnerable people as part of a Rs 1.70 lakh crore fiscal stimulus to the economy which, however, didn’t seem to come to the rescue of many migrants who are fleeing to their home towns.
It was days before the CMIE report, that the International Labor Organization (ILO) stated that almost 40 crore unorganised sector workers in India will suffer from extreme poverty. It has warned the central. Government to take a brisk and bold move to minimise the effect of the crisis on the citizen..migrants in specific.