The Covid-19 pandemic could cost over 25 million jobs

The Covid-19 pandemic could cost over 25 million jobs

Due to the vast-spreading COVID 19 in India, about 136 million Indians have their job at risk. Based on credible reports, precise- the National Sample Survey (NSS) and the Periodic Labour Force Surveys (PLFS), the data has been put out that around 136 million of jobs in India are under threat due to the pandemic.

Sectors affected:

Apart from the farmers, the employees are at immediate risk of losing their job which means these 136 million people have the risk of losing their jobs within a year. And the ones who are exposed to the utmost risk are the employees who do not draw a salary every month and are working on a contractual basis or taking daily salaries. Most of the companies have even announced the pay cut for the employees and aviation companies are one of them. There is a risk of 25-30% of a pay cut.

Knowing the stats:

The people who are moving from cities to villages are the ones who manage the informal sectors in India. And one of the major issues in the informal sector is that there are no contracts signed here. Some casual laborers can be easily thrown out of their jobs anytime. There are even many skilled laborers like those of the ones who are working in the textile industries can even be thrown out of their jobs. An in this way there are 136 million workers in the nation who can be the utmost affected during this pandemic. Hence, this outbreak can harm these many jobs as per the report. The calculation comes like this:  28 million people are in the manufacturing industries without any contracts. 49 million are the ones who are in non-manufacturing industries, and 59 million people are in services.

Final words:

This is not all but there are five million people who work with a short contract of one year. And if the lockdown extends then, the number might even exceed as the impact of this pandemic can be seen in all sectors the real-estate and construction and housing sectors will be at a downfall. The automobile will even be depressed more than it is now and the aviation industry and textile industry will also be at loss. All we can expect is COVID 19 does the least to us so that the economy can be uplifted by the combined efforts of government and citizens.