Why in News?
According to Centre for Monitoring Indian Economy (CMIE) Five million salaried job loss in July. Thus the total number of job losses becomes 18.9 million.
Details or CMIE Report
- History of Job loss : The intial lock down in March leads to a heavy job loss of 121 million and later it decrease to 100 million in one month. By July it becomes 11 million
- Informal Sector : Small traders, hawkers and daily wage labourers were the worst hit by the lockdown in April. Of the 121.5 million jobs lost in that month, 91.2 million were among these. They employed 32 % of all job. Only 6.8 million remain to return.
- Salaried Job : It is estimated that only 21% of all employment in India is in the form of a salaried employment. It has a direct impact on economic decisions. As a result, job losses among them accounted for 15% of all job losses in April. Salaried jobs are not lost easily, once lost they are also far more difficult to retrieve.
- Small Entrepreneurs : Entrepreneurs also declared themselves unemployed during the lockdown. They account for about 19 per cent of total employment ie 78 million. Nature of job is similar to that of the small traders.
- Farming : This estimate had risen to 117 million in March 2020 from 111 million. No job loss during the period. Employment remained high in July at 126 million 4 million less than June. 4 million fall in farm employment indicates reverse migration.
About CMIE
Centre for Monitoring Indian Economy is a leading business information company established in 1976. CMIE produces economic and business databases and develops specialised analytical tools.
It analyses the data to decipher trends in the economy. CMIE is a privately owned company.
Source : Economic Times
Topic : GS II :- Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources