India was already suffering through the economic wellbeing of people and country. The Covid-19 pandemic has only worsened things. The unemployment rate has grown up and up. In October it has grown up to 7.75%.
In the first wave of covid-19, the lockdown was at its peak. Many businesses lost money and capital and couldn’t survive. Many of them were not able to run at a full-fledged rate so they decided to sack a few employees in an attempt of managing their finances. The first wave of this way, led to many of the people getting sacked and shutting down of many businesses.
After the first wave where things were looking to get settled down the second wave struck India and again people who were starting new things, or recently joined the jobs or were looking for the jobs were left with no hope. The second wave hit India very badly.
The way people were facing issues is hard to describe.
People were continuously losing jobs and making losses while running the businesses. The lockdown in the second wave was not so prolonging but still, it had its effect on small and big entrepreneurs or businesses.
After that, the economy and people in the country started recovering from the second wave of the pandemic. But unemployment is still a worry for this economy.
In September where the unemployment rate was 6.86% has gone up in October to 7.75%. But the urban joblessness rate has gone down to 7.38. Rural joblessness has gone up to 7.91%. This is the highest of the past four months.
The government understands the fact that people are not getting jobs. Unemployment is constantly an issue in India and to overcome this issue government has started many schemes to encourage people to start their businesses. To see their skills, utilize them, and not remain unemployed.
Self-employment is being constantly promoted by the government they have also been trying to give people loans with or without security at a very lower interest rate in an attempt of encouraging their entrepreneurship skills.
The government aims at minimum unemployment rate to be the most productive economy and country in the world and taking maximum efforts to do so.
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