Fresh restrictions imposed in different parts of the country due to the second Covid-19 wave could lead to job losses, similar to what was witnessed in 2020.
Data released by the Centre for Monitoring Indian Economy, suggests that unemployment has again started rising in the country. The unemployment rate touched 8.6% for the week ending April 11, from just 6.7% two weeks ago, according to fresh data released by CMIE.
With migrant labourers returning to their native places, the impact seems to be more severe in urban areas where the unemployment rate is now reaching 10%.
Economists fear that the rising cases could severely impact businesses and will lead to a sharp rise in job losses. The overall impact could significantly delay India’s economic recovery.