The central bank of India has warned that the second wave of the COVID-19 pandemic may result in a loss of 27.11 billion dollars in output during the current financial year.
In its monthly bulletin, The Reserve Bank of India observed that country’s economy continues to wrestle with the second wave of the COVID-19 pandemic.
Meanwhile, the coronavirus (COVID-19) crisis has led to a spike in the country’s unemployment rate to 27.11% in India for the week ended May 3, up from the under 7% level before the start of the pandemic in mid-March, the Centre for Monitoring Indian Economy (CMIE) has said.
The Mumbai-based think tank said the rate of unemployment was the highest in the urban areas, which constitute the greatest number of the red zones due to the coronavirus cases, at 29.22%, as against 26.69% for the rural areas.
Analysts have been warning about the specter of unemployment ever since the country was put under a lockdown on March 25 by Prime Minister Narendra Modi to arrest the spread of coronavirus infections.
