What Led to a loss of 1.3 Crore Jobs in June? Check Details Here!!

What Led to a loss of 1.3 Crore Jobs in June
What Led to a loss of 1.3 Crore Jobs in June

What Led to a loss of 1.3 Crore Jobs in June? Check Details Here!!Agriculture lost the most jobs, but there were also 25 lakh salaried job losses. Check details below briefly. According to CMIE estimates, 25 lakh salaried jobs were lost as part of the significant job losses in June. The delayed onset of the monsoon might not be a major factor in this. It is a recurring or on-going component of the economic crisis in India. The largest possible source of employment for the displaced peasant and agricultural labourer has essentially shut its doors due to the industrial sector’s continued poor growth or stagnation. Additionally, the industry has no chance of raising its productive capabilities and hiring new workers as a result of the stagnant demand.

A perfect storm of a delayed monsoon, a sluggish economy, and persistent government inertia on the employment front has caused an extraordinary decrease of 1.3 crore from the total number of employed people in the country in June this year. The number of employed people fell from 40.4 crore in May to just 39.1 crore by the end of June. As the graph below demonstrates, employment has been circling around the 40-crore level for the past year, but the sharp decline last month has revealed the working population of India’s acute fragility.

A 39 crore employment level indicates that only roughly 36% of the working-age population in India is actually employed. This exposes the hopeless and distressing state of the Indian people and shatters the lofty discourse of the benefits of India’s “demographic dividend”—a young working population.

Additionally, other employment metrics have been worse. The share of persons who are employed or who are willing and able to work has decreased as well, falling from 39.91 percent in May to a low of 38.3 percent in June. Since the initial shutdown in April or May 2020, this LPR is the lowest. A lower LPR indicates that disenchanted and frustrated individuals have completely left the labour force, maybe choosing to wait till jobs become available.

The unemployment rate, which measures the percentage of the population actively looking for work, is another indicator of the state of the labour market. This increased from 7.1 percent in May to 7.8 percent in June. For the previous few months, the unemployment rate has been circling about 7-8%, generally showing the chronic status of unemployment in the nation. So, more number of job losses in June due to Agricultural lost 7 shutdowns of 2years. Check the above details you will come to the conclusion. Follow our site for daily updates regarding this.

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