What is Employment?
Employment can be defined as the state of having a ‘paid job’ by an individual. And as for the organizations, they use employment as the fuel to drive their businesses, expand, and increase output.
Employment & Covid – 2020
If we talk about the current employment situation of India, the biggest factor that has affected it is the Covid-19 pandemic and that too in a very negative way. In October 2020, the unemployment rate in India increased by 10.3%, resulting in an outcome that we all have experienced. People working in private sectors lost their jobs, many small businesses incurred huge losses due to nationwide lockdown, people employed under someone lost their source of bread and butter because their employers were unable to meet the financial needs and provide salaries to them, companies or organisations were not ready to hire or provide employment because of the experienced they had due to the negative economic factor.
Employment & Covid – 2021
In the year 2021, during March, the unemployment rate reached up to 12%. Income of 97% of the Indian households had declined since the pandemic outbreak and also the unemployment rate is gradually increasing with time. In June 2021, unemployment rate further reached to 12.4% which resulted in the decrease of nationwide hiring index from 132 in July- September 2020 to 60 in January- March 2021. A study by Azim Premji University showed that the first wave of covid had pushed 23 crore people below the poverty line in India.
Scope for Improvement
However, 2 major sectors — manufacturing and construction — have the potential to play a significant in reviving the growth of employment rate in India to 8.2% and to achieve this growth potential would mean the share of manufacturing and construction rising from 18% of GDP to 20% over the period of next 10 years.
This Covid-19 pandemic has presented us with an opportunity to introduce the next phase of pro-growth reform measures to achieve long-term growth as well as job target and employment.
Disclaimer: The above data has been collected through secondary research and Jobsgaar Technologies Pvt Ltd is not responsible for any errors in the same.