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India has been struggling with an unemployment problem and the coronavirus pandemic is making it even more difficult for its youngest workers to earn a decent living, shows an analysis by the London School of Economics.
Workers in cities in the age group of 18 to 25 years were already much less likely to be in formal jobs and more likely to be employed informally and paid less, wrote Shania Bhalotia, Swati Dhingra and Fjolla Kondirolli, the authors of the report ‘City of dreams no more: The impact of Covid-19 on urban workers in India.’
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“The youngest workers were much more likely to want a job guarantee, primarily for the livelihood security that they provide in these hard times,” they wrote.
Prime Minister Narendra Modi imposed one of the world’s most restrictive lockdowns from March 25, leading to a loss of about 122 million jobs. The impact was felt more severely in urban centers where most workers didn’t have a social security net, while businesses remained shut for weeks. The result: India’s economy posted its worst contraction last quarter — the biggest among major economies.
78,512 in IndiaMost new cases today
+2% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.024 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
5.4% Global GDP Tracker (annualized), July