Economist have warned of the constant threat of unemployment since Prime Minister Narendra Modi put the country under a lockdown on March 25 to arrest the spread of corona virus infections. Migrant scenes fleeing major cities including Delhi and Mumbai only indicated long-held fears about their jobs as economic activity came to a virtual standstill. To date, the government has declared employment and food assistance for poor people as part of a 20 lakh crore fiscal boosts to the economic, political, and likely humanitarian crisis, and is also mulling a second round of steps in the near future. Most of the world’s developed countries have experienced a massive increase in unemployment, with more than 26 million people seeking social assistance because of the lack of their jobs. Experts also live to regret that in India, which is primarily an unorganized-sector-led economy, there is no strong measure of employment. As per CMIE’s data, the monthly unemployment rate in mid June is 17.90%, May stood at 23.48 .April stood at 23.52%, up from March’s 8.74%. CMIE 's weekly data series showed a gradual rise in unemployment in India since the start of the COVID-19 pandemic, with the week to March 29 seeing the sharpest spike to 23.81 per cent. According to CMIE data, May's monthly unemployment rate stood at 23.48%, minimal dip from April 's. April’s monthly unemployment rate stood at 23.52%, up from March's 8.74%. We can see a drop in unemployment rate from first week of June, which indeed is a positive sign. In the month of May Jharkhand has highest unemployment rate of 59.2% followed by Puducherry at 58.2%. By the end of April, Puducherry had the highest unemployment rate in South India at 75.8%, led by neighboring Tamil Nadu at 49.8%, Jharkhand at 47.1% and Bihar at 46.6%. As of April, The CMIE pegged Maharashtra's unemployment rate at 20.9%, while Haryana stood at 43.2%, Uttar Pradesh at 21.5% and Karnataka at 29.8%. Hilly States had the minimum level of unemployment, the think tank said; pointing out that the average in Himachal Pradesh was 2.2%, Sikkim 2.3% and Uttarakhand 6.5%. As of May, The CMIE pegged Maharashtra's unemployment rate at 16.5%, while Haryana stood at 35.7%, Uttar Pradesh at 20.8% and Karnataka at 20.4%. After Lockdown, prepare yourself for new opportunities Amid the corona virus pandemic, talk of the economic crisis and global recession has already been continuing to increase. But, there's also hope of a rally in the economic growth after the lockdown. However, the relaxation appears to have had an impact on the rate of labor participation according to CMIE. "Obviously, as the lockout eases, workers are going back to the labour markets. Consequently, in the week ended April 26, the labor participation rate bounced back from its lowest level of 35.4 per cent to 38.8 per cent in the week ended May 17. "The evident unwillingness by the government to stimulate demand through direct arbitrary transfers to households and the continuation of the lockdown suggests that this could take a long time for the economy to recover, Therefore, according to CMIE, restarting the economy after lifting the lockout will be a huge challenge because it is unlikely that the biggest initiative in the economic package so far unveiled by the government, which is simple credit for MSMEs and street hawkers, would have a significant positive impact. Here Maxic Arrow team advice how fresh talent and young talent who lost their jobs in pandemic should be preparing for the new jobs opportunities that will emerge after the Corona virus crisis. After lifting off lockdown, we'll discuss which sectors in the country are likely to have the most boom and job opportunities. The new economy that emerges after lockdown by Corona virus will be the ones in essential services. They are healthcare, health tech, pharmaceutical, hi-tech, manufacturing, agri-tech, neo-banking, and fin-tech sectors. Service Support As more and more businesses prefer to work from home, sectors such as service support — logistics, facility management will grow significantly and new jobs will grow. Focus on Swadeshi Items The projects 'Made in India' and 'Make in India' are likely to gather momentum. There will be a lot of emphasis especially on the manufacturing sector. Those sectors can provide many Indians with jobs. Agri-technology There's a great deal of attention in the country on agro-related technologies and it will offer a lot of work. The controversy over Corona virus has taken our attention to the agriculture sector. Fortified agriculture will become the bedrock of the economy. Technological evolution Increasing 'work from home' will increase investment in this sector to enhance communication. This would increase the use of HR tech, such as zero-touch parole and geo-fencing. Automation will be primary focus of all the industries. That will create tech-sector jobs. The Mechanisms in Schooling Investments are likely to be made for a better management of learning. It will build career flexibility and move to online teaching / coaching. Be open to new opportunities in some other sector. Keep flexible on your options. You may be looking for a second job in your own industry, the same profile in another industry or a different job in another industry
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