Number of people out of a job in April rose to the highest level in 4 months as per data compiled by CMIE. Unemployment increased to 7.97% in April as more than seven million jobs lost were last month as localised lockdowns increase across the country.
Mahesh Vyas, the managing director of Centre for Monitoring Indian Economy warned that "Since the virus is still quite intense and we are stressed on the medical health-services front, it’s likely that the situation will remain tense in May as well.”
The 7 million job losses is still far below the 20 million that was seen at the peak of the national lockdown last year but economists are starting to pare down expectations of recovery for this current year as well. Barclays is the latest to cut it’s forecast to 10% growth for the current fiscal.