COVID-19, EFFECT ON UNEMPLOYMENT AND SOLUTION TO REDUCE UNEMPLOYMENT- A SURVEY

The economic problem of unemployment persisted globally for a long time. Developed countries such as the USA, Canada, UK faced unemployment at its worst in The Great Depression which started in around 1930’s leading to rising suicide rates. In 2008, during recession global suicide rates was between 20 to 30 %. For developing nations such as India, Pakistan etc it came after 1940s. In 2016 post the act of demonitisation of 500 and 1000 rupees bank notes made issue worse almost in a few hours. After independence from the British Empire the Indian economy increased substantially but had a worse or no effect on the number unemployed. To deal with this issue Indian government has put forward different policies. COVID-19 forced the Indian citizens deeper into poverty. This had an impact on organised as well as unorganised sectors by around hundred and thirty million people losing their jobs. Small and medium sized ventures, real estate, tourism and transportation industries took the most hit. This paper is useful to outline the effect of COVID19 on unemployment in India. The outcome of this research will be helpful for students, researchers, employment policymakers and regional policymakers.