COVID19 hits economic crisis

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The coronvirus pandemic has not only killed people but also gave a devastating blow to the economy of various countries, especially India. India was already battling hard in reducing the unemployment rate before the pandemic hit, but the condition has gone worse after that. Around 18.9 million salaried employees are now jobless, with the small traders, hawkers and daily wage laborers suffering the most and in July alone, 50 lakh people their job, according to the Centre for Monitoring India Economy. Out of the total loss, 17.7 million jobs were lost in April 2020 and 0.1 million in May. In June though 3.9 million jobs were gained but in July 5 million lost their jobs again.

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