Impact of Covid-19 pandemic on unemployment in India

Abstract

It is not wrong to say that the corona virus is a ‘Black Swan Event- a term used to describe unpredictable events that have severe impacts worldwide. The economic impact of the pandemic has severe consequences on the Indian economy by dragging them into recession. This paper attempts to analyze the impact of the Covid-19 pandemic on unemployment in India, considering the secondary data collected through websites, newspapers, journals, and reports. For the past few years, the Indian economy is experiencing jobless growth. The existence of the unemployment crisis has been going on for a long time. Nevertheless, it was accomplished in developed countries during the great depression, while it was seen after the Second World War in developing countries. The rate of unemployment in India has risen rapidly over the past few years, despite the boost in the Indian economy. Due to the Covid-19 pandemic lockdown, as most private enterprises have fired their employees, the economy was further exacerbated by the unemployment crisis. The informal sector is the most affected by the lockdown, as construction works were closed, and most workers lost their jobs.