About 122 million Indians were forced out of jobs in April, according to estimates from the Center for Monitoring Indian Economy, Bloomberg reports.
Employment plunged in April after the government imposed a 40-day coronavirus controlled lockdown (first two stages of lockdown) across India, forcing businesses to shut and pushing up the jobless rate to 27.1% in the week ended May 3, surveys by the Center for Monitoring Indian Economy Pvt. showed.
“The estimates of India’s job losses are more than four times the 30 million Americans who’ve filed for unemployment benefits over six weeks,” the report says.
Read the Bloomberg report here: https://www.bloomberg.com/news/articles/2020-05-05/india-s-jobless-rate-jumps-to-27-1-as-lockdown-hurts-cmie-says