<p>At least 32 lakh salaried Indians lost jobs in July alone amid the second wave of the Covid-19 pandemic, although the overall unemployment rate has fallen by more than 2 percentage points month-on-month, showed data from the Centre for Monitoring Indian Economy (CMIE).</p>.<p>In the past two years since July 2019, nearly one crore salaried people have been rendered jobless. </p>.<p>According to the latest CMIE data, 8.6 crore people had salaried employment in 2019, which has been reduced to a little over 7.6 crore now.</p>.<p>Though several urban salaried employees lost jobs, the urban jobless rate has declined to 8.3% in July from 10.7% in June.</p>.<p>Earlier, the CMIE had suggested that in general, urban men lost more jobs than women during the second wave of the pandemic. This implied a total loss of livelihood for millions of Indian households. Many urban women had lost jobs during the first wave.</p>.<p>Usually, urban male jobs are better quality jobs and their disproportionate loss could imply a greater fall in income than witnessed so far, CMIE MD Mahesh Vyas had said.</p>.<p>In his latest analysis, Vyas said, "India's economic recovery from Covid-19 shocks is V-shaped. The recovery is rapid but it peters out before it is complete. Every shock, it seems, leaves a little transaction cost behind. India can, therefore, choose to celebrate the rapid recovery from the excruciating pain of lockdowns or bemoan the steady erosion of well-being and growth potential."</p>.<p>Economists have cautioned that the slow pace of vaccination and a decline in consumer demand could hit India's growth prospects and that the economy is unlikely to grow to pre-Covid size before March 2022.</p>
<p>At least 32 lakh salaried Indians lost jobs in July alone amid the second wave of the Covid-19 pandemic, although the overall unemployment rate has fallen by more than 2 percentage points month-on-month, showed data from the Centre for Monitoring Indian Economy (CMIE).</p>.<p>In the past two years since July 2019, nearly one crore salaried people have been rendered jobless. </p>.<p>According to the latest CMIE data, 8.6 crore people had salaried employment in 2019, which has been reduced to a little over 7.6 crore now.</p>.<p>Though several urban salaried employees lost jobs, the urban jobless rate has declined to 8.3% in July from 10.7% in June.</p>.<p>Earlier, the CMIE had suggested that in general, urban men lost more jobs than women during the second wave of the pandemic. This implied a total loss of livelihood for millions of Indian households. Many urban women had lost jobs during the first wave.</p>.<p>Usually, urban male jobs are better quality jobs and their disproportionate loss could imply a greater fall in income than witnessed so far, CMIE MD Mahesh Vyas had said.</p>.<p>In his latest analysis, Vyas said, "India's economic recovery from Covid-19 shocks is V-shaped. The recovery is rapid but it peters out before it is complete. Every shock, it seems, leaves a little transaction cost behind. India can, therefore, choose to celebrate the rapid recovery from the excruciating pain of lockdowns or bemoan the steady erosion of well-being and growth potential."</p>.<p>Economists have cautioned that the slow pace of vaccination and a decline in consumer demand could hit India's growth prospects and that the economy is unlikely to grow to pre-Covid size before March 2022.</p>
