The severity of contraction in economic activities due to Covid-19 is declining, but sustainable recovery is far away still. A K Bhattacharya explains the problems and positives for the Indian economy
The recovery is largely in informal jobs. The situation has worsened for the salaried class
But, its momentum could be petering out well before the recovery is complete
The LinkedIn Workforce Confidence Index showed a modest increase in India's overall workforce confidence, with a composite score of (+) 50, up from (+) 48 in June 1-14.
Another 10-15 million jobs may be lost by the end of August
Employee Provident Fund data shows a sharp fall in new additions to subscriptions to the Fund in April 2020, the first complete month of the lockdown
Labour participation picked up smartly in the week ended July 19. At 41.7% it was heads and shoulders above the 40.4% recorded during the preceding two weeks
This is an outcome of the economic strategy adopted by the state government to tackle the Covid-19 crisis and the devastation caused by cyclone Amphan, Banerjee said
The experience of the past three months provides proof that Indians do not protest loss of jobs. They just drop their rates and continue with their lives
According to government data, the situation in India is not as alarming as some of the other countries, given a limited spread on a per-capita basis
The big gain in employment is happening in rural India and it might see bigger gains in the months to come or at least sustain the momentum
The fall in the unemployment rate is doubly appealing as it is accompanied by an increase in the labour participation rate
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The unemployment rate in 2017-18 had risen to 6.1%, compared to 2.2% in 2011-12, according to the results of the Periodic Labour Force Survey released by the National Statistical Office.
Having realised that there is really no contradiction between "jaan" and "jahaan", states are gradually reopening their economies. But they are locking the stable doors after the horses have bolted
India's infrastructure output, contributing nearly 40 per cent in industrial production, contracted 38.1 per cent in April
Salary and wage bill for manufacturers was down around 1% YoY in Jan-Mar
The labour participation rate trend seems to tell a story of some interesting changes in the labour markets
Those who have been handed the pink slip shouldn't make too many loan queries
Here is the list of major companies that have said they are downsizing their workforce