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LATEST NEWS UPDATES | Less Jobs, Even Lesser Income Crushing People’s Lives -Subodh Varma

Less Jobs, Even Lesser Income Crushing People’s Lives -Subodh Varma

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published Published on Aug 8, 2021   modified Modified on Aug 9, 2021

-Newsclick.in

Besides the dire jobs situation, what is even more distressing is falling income from surviving jobs.

People in India are in the grip of a severe income crisis brought on by myopic government policies and aggravated by mismanagement of the pandemic. Part of this economic collapse is because the absolute number of jobs has shrunk.

Another part – not much talked about – is because of low incomes from existing jobs. This explains the fact that while jobs periodically appear to bounce back and unemployment goes up and down, the economy continues to suffer, since incomes are insufficient. Those who lost their source of earnings in the past two rounds of lockdowns have not yet reached the income levels they had two years ago. Inflation, however, continues to further erode their meagre earnings.

JOBS DESPAIR

First let us take a look at the jobs situation. Compared with January 2020 (before the pandemic), the share of the working population has gone down from about 42.9% to 40.2% in July 2021, as shown in the chart below based on CMIE (Centre for Monitoring Indian Economy) data. That is a decline of 2.7 percentage points, which would translate to about 1.3 crore. This is the loss in the pandemic period.

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Newsclick.in, 8 August, 2021, https://www.newsclick.in/less-jobs-even-lesser-income-crushing-people-lives?fbclid=IwAR12nmWnm6p2Q4V_h552cwRSZC29Q4tID2jp_fxypeAs0bwnLFs7oCXnP-M


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