From UPSC perspective, the following things are important :
Prelims level : Not Much
Mains level : Coronovirus induced job-losses
The data by the Centre for Monitoring Indian Economy (CMIE) briefs us about the job losses due to lockdown restrictions imposed because of the COVID pandemic.
We can utilize this data as examples for answer writing.
CMIE data on job losses
- Salaried jobs: They suffered the biggest hit during the lockdown, with a total loss estimated to be at 18.9 million during April-July.
- Informal and non-salaried jobs: They have shown improvement during the same period increasing to 325.6 million in July from 317.6 million last year, an increase of 2.5 per cent.
- Small traders, hawkers and daily wage labourers: They were the worst hit by the lockdown in April, comprising 91.2 million of the jobs lost from the total loss of 121.5 million in that month.
- Farm employment: A sharp rise was seen in June to 130 million, with good rains and the consequent sowing absorbing a lot of the labour that was lost in non-farm sectors.
- CMIE, or Centre for Monitoring Indian Economy, is a leading business information company.
- It was established in 1976, primarily as an independent think tank.
- CMIE produces economic and business databases and develops specialised analytical tools to deliver these to its customers for decision making and for research.
- It analyses the data to decipher trends in the economy.