In the professional sector, the country’s largest labor supply, including restrictions on COVID and expansion of the reports of loss. The figures were released by the Center for Monitoring Indian Economy. This is clear from their Consumer Pyramid Household Survey.
In May-August alone, about 60 lakh professionals lost their jobs in the country. Large-scale job losses include engineers, physicians, teachers, accounting workers, and those looking for work in the financial sector. In May-August 2019, the employment opportunities were 1.88 crores, while in the same period in 2020, it fell sharply to 1.81 crores.
In May-August 2020 alone, India lost 12.2 million jobs in the professional sector. This is the first such situation since 2016. In 2016, 12.5 million people were employed in the professional sector. However, the survey did not include the self-employed. The survey also found that job losses were higher than last year. With the lockdown coming, the crisis reached its climax.
According to the survey, the industrial and construction sectors are not doing well. These places have lost 26 percent of their jobs in a year. At the same time, the survey points out that small entrepreneurs, among others, have been able to make small gains during the lockdown. Maharashtra has the highest number of COVID cases reported in the country. In Mumbai, the financial capital of India alone, 2.1 crore professionals lost their jobs in May-August.