India sheds 122m jobs

THE world’s biggest lockdown forced 122 million people out of jobs in India last month, according to the Center for Monitoring Indian Economy (CMIE).

Employment plunged in April after a 40-day lockdown in the 1,3 billion nation and pushed the jobless rate to 27 percent. Those affected include construction industry workers and hawkers, as estimates of India’s job losses are more than four times the 30 million Americans who have filed for unemployment benefits. “It is a human tragedy because these are perhaps, the most vulnerable parts of society,” Mahesh Vyas, the CMIE’s chief executive, said, adding this was “a mind-boggling number.” “Initially, a lockdown only hurts the most vulnerable labor that is informally employed in unorganised sectors,” Vyas said. “Gradually, it starts hitting the more secure jobs. Startups have announced lay-offs and industry associations have warned of job losses.” — Bloomberg