How Covid-19 pandamic effected our economy?
Major sectors are affected during this lockdown?
India is on the verge of unexpected economic catastrophe as the COVID-19 disaster unfolds.
India's industrial production dropped after lockdown when the factories we're not in operation. It is estimated that the index contracted by 55.5% compared to the same period a year earlier. That includes sectors like manufacturing, mining, electricity, etc.
Business activities in the service sectors also fall drastically during this pandemic, reduced footfall in many of the shops led to a fall in demand. According to recent surveys, there is still a downfall in the month to month decline in outputs and new orders. Domestic travels and tourism sector also fall drastically, contributing to falling in services in business activities.
In the viewpoint of Indian automobile, sector manufacturer's pointed out the daily turnover loss for auto manufacturing sector each day was around $300 million approx.
Now let's see the unemployment rate during this period?
During this COVID-19 there is a vast amount of unemployment rate in India. Data, anecdotal evidence and media reports all suggest that millions of people in India lost their jobs due to the lockdown. Information compiled by the Centre for Monitoring Indian Economy showed that the unemployment rate in both rural and urban areas rose sharply in late March. It remained relatively high in April, before showing signs of improvement starting in May when some activities resumed.
CMIE said unemployment is "witnessing a very rapid fall" in June, accompanied by an increase in the labour force participation rate.
This lockdown's impact on employment will likely be captured and can be implemented at the end of the year.
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