Hyderabad, July 4 (Namaste Telangana): Unemployment rates in the country have increased significantly following the COVID-19 crisis. According to the latest report by the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in May was 7.68 percent, which has now risen to 8.45 percent in June. In urban areas, the rate stands at 7.87 percent, while in rural areas it has reached 8.73 percent. This is the highest unemployment rate recorded after the end of the coronavirus pandemic.
Prime Minister Narendra Modi had recently announced the creation of 10 million jobs this year. However, as per the CMIE report, the implementation of this plan has not yet taken place. The report indicates that there are currently only 43 percent of eligible individuals employed in the entire labor force of the country, leaving around 220 million people in need of decent jobs.
The COVID-19 pandemic has severely impacted various sectors of the economy, leading to a surge in unemployment rates. Many businesses were forced to shut down or lay off employees due to financial constraints and reduced demand. The lockdown measures implemented to curb the spread of the virus also contributed to job losses across multiple industries.
While the government has implemented several relief measures and stimulus packages to revive the economy, the CMIE report suggests that more efforts are needed to address the rising unemployment rates. The report highlights the urgent need for job creation initiatives and skill development programs to support those who have lost their livelihoods during these challenging times.
Experts believe that sectors such as manufacturing, construction, and services should be given priority in terms of job creation, as they have been hit the hardest by the pandemic. Additionally, promoting entrepreneurship and encouraging investment in small and medium-sized enterprises could help generate employment opportunities and drive economic growth.
It is crucial for the government and policymakers to work towards creating a conducive environment for businesses to thrive and for job seekers to find suitable employment. Efforts should be focused on attracting investments, promoting innovation, and providing necessary support to industries that have the potential to create large-scale employment opportunities.
The road to economic recovery may be challenging, but with concerted efforts and effective policies, it is possible to overcome the current unemployment crisis. The government must take proactive measures to boost job creation and ensure a sustainable and inclusive recovery for all sections of society affected by the pandemic.
