Effects of coronavirus on the Indian job market

Due to the lockdown imposed on all the civilians, many companies have been forced to close their doors. Even some of the multinational companies were not able to withstand the impact of this pandemic. Mostly the tourism and airline industry took the biggest hit. Companies like Hertz, Latam airlines, Ascena Retail, California resources etc. declared bankruptcy all in the lockdown period on a global scale. It was hard to manage any profit since there were no sales and the consumers were all trapped inside their homes. This has negatively impacted on many of the employees as they lost their jobs. If the companies are not able to make any profit, they cannot pay their employees, and hence they have to resort to cutting off their employees.

Upwards of 41 lakh youth in India lost their jobs because of the Covid-19 pandemic with most employment losses in the development/construction and farming area, as indicated by a report by the Asian Development Bank. The young entrepreneur’s business possibilities in Asia and the Pacific are seriously tested because of the pandemic. Youth will be hit more diligently than grown-ups (Above 25) in the prompt emergency and danger bearing higher longer-term financial and social expenses. It approaches governments in the locale to receive critical, huge scope and focused on measures to produce occupations for the youngsters, make no compromise with education and training, and to limit future scarring of over 660 million youngsters in the locale. Indeed, even before the Covid-19 emergency, youth in Asia and the Pacific confronted difficulties in finding a job, bringing about high joblessness rates and huge portions of youth prohibited from both school and work.

This global pandemic has hit each and every person on the earth irrespective of him being rich or poor. It is highly difficult to survive this pandemic with the main money earners of the family are jobless at home. All this while, we aren’t even considering or knowing what the farmers and daily wage workers are going through. It is not just the educated graduates suffering from these jobless situations, it is those unfortunate people too.

Also Read: Global pandemic: How exposed is your job