Everyone knows that every business, big and small, needs money to start. When the business runs, the people associated with it make money. Whether they are employees or suppliers. The government also earns money by running the business. Income tax, its excise duty, service tax and customs duty are also earned on profits. Spends this money for the welfare of the country. But in the last few weeks this whole process has been broken. Both big and small businesses are closed due to the lockdown. It was also necessary to stop the spread of covid 19, but now such a situation has arisen that the treatment looks worse than the disease.
The data from the Center for Monitoring Indian Economy shows that the unemployment rate reached about 24 percent on May 10. On March 15, this rate was 6.74 percent. This is to say that on average, every fourth worker in India is unemployed. Those who work in the informal sectors of the economy are suffering the most due to this unemployment. A recent CRISIL note states that India has a workforce of 46.5 crore people. Of this, about 41.5 crore people work in the informal sector of the economy, where no social security benefits are available.
For your information, let us tell you that the last few weeks have been very difficult mentally, physically, financially and emotionally for the migrant workers working in the informal sectors stuck in the cities. Many frightening and heartbreaking stories of migrants who have walked hundreds of kilometers from major cities to their native places have also come out. The lockdown has a negative impact on household income. A recent study conducted by the Booth School of Business of the University of Chicago found that nearly 84 percent of Indian households had a decline in income after lockdown. In addition, families have limited ability to cope with the current economic environment. Only 66 percent of the families have the resources to last more than one week. There has been a negative impact on the income of rural families.
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