How COVID-19 Impacted Employment in India

  

Corona virus is one of the toughest problems the businesses ever had to face.

As their customers are under lock down, shops shuttered no cash flow; it was a big Question for them to survive.

Job loss is one of the immediate and severe impacts of COVID-19 in India and its rise of inequality is going to stay for a longer period of time.

As per reports 31% of the Indian start-ups choose the option of laying off their employees to reduce cost in this crisis.

Till the vaccine of  Covid-19 come in near future, followed by human trials and widespread administration of the vaccine, the possibility of businesses getting back on track remains ambiguous

In India, MSME (Micro, Small, and Medium Enterprises) sector got the worst hit which is the backbone of India. In FY 16 it provided employment to the 123 Million people

The above graph is the reference to understand the increase of unemployment

The overall declined in the economy is 12.4% which ultimately is one of the biggest reasons from the bad decline of the unemployment in the country.

In one of the survey, estimates of job loss showed that 80% jobs were affected in urban economy, most of which were self-employed, 54% jobs were affected in rural economy, most of which were casual employment

But amidst these entire pandemic, unemployment, declining of the economy and all these threats, there are few companies which found their ways to forge ahead.

Is it in big or small way but these firms is actually taking or took advantage of the Pandemic and lock down. These firms could hold of their business and somehow sustained their employees or few took advantage to increase their employment and embrace the global pandemic.

            ·         Flipkart

            ·         Swiggy

            ·         Zomato

            ·         Udaan

            ·         Snapdeal

            ·         DealShare

            ·         MakeMyTrip

            ·         BookMyShow

            ·         Zee5

            ·         Carnival group

There are few Start-ups who followed the same route of the above mentioned big Companies

            ·         Meesho

            ·         Cure.fit

            ·         BharatPe

            ·         NoBroker

            ·         CRED

            ·         Unacademy

            ·         Roosh

            ·         ShareChat

            ·         Elanic

            ·         OkCredit

            ·         NowFloats

            ·         VirtuBox

So when we speak about the COVID-19 as a Pandemic and its impact on employment, obviously it affected the employment in India but as mentioned above these are very few businesses which really stood in these threats and sustained their employments.

Reference

·         https://www.statista.com/chart/20014/unemployment-rate-india/

                                ·         https://techcrunch.com/2020/06/28/indian-startups-diversify-their-businesses-to-offset-covid-19-induced-losses/