SEBI Reg. Investment Advisor

Download App
Help Center Subscribe
Money Works 4 Me Logo MoneyWorks4Me
Talk to Advisor
Login Get Free Account
Sign Up

MoneyWorks4Me

Log In Sign Up Schedule Free 15‑min Call
Login Get Free Account
Sign Up
  1. Home
  2. Stock Market News
  3. Over 10 million Indians lost jobs because of second wave of COVID-19: CMIE

Over 10 million Indians lost jobs because of second wave of COVID-19: CMIE

02 Jun 2021 Evaluate

Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas has said that over 10 million Indians have lost their jobs because of the second wave of COVID-19, and around 97 per cent of households' incomes have declined since the beginning of the pandemic last year. He noted that ‘as the economy opens up, part of the problem will be solved but not entirely’. He said the unemployment rate measured by the think-tank is expected to come at 12 per cent at the end of May as against 8 per cent in April, and added that this signifies that about 10 million or 1 crore Indians have lost jobs in this period.

He explained that people who lose jobs find it hard to get employment, specifying that while the informal sector jobs come back quickly, the formal sector and better quality job opportunities take up to a year to come back. Unemployment rate had touched a record high of 23.5 per cent in May 2020 because of the national lockdown. Vyas further said an unemployment rate of 3-4 per cent should be considered as ‘normal’ for the Indian economy, hinting that the unemployment number will have to decline for longer before the situation improves.

He said CMIE has completed a nation-wide survey of 1.75 lakh households in April which throws up worrying trends on income generation during the last one year -- which has witnessed two waves of the pandemic. Only 3 per cent of those polled said they have witnessed an increase in incomes, while 55 per cent said their incomes have declined. An additional 42 per cent of the people said their incomes remained the same as that in the year-ago period. He pointed out ‘If we adjust for inflation, we find that 97 per cent of the households in the country have witnessed a decline in incomes during the pandemic’. The labour participation rate, or the percentage of the working age population which is in the market, has come down to 40 per cent as of now from the pre-pandemic levels of 42.5 per cent.

Register Now to get our Free Newsletter & much more!
2026 ©The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me® is a registered trademark of The Alchemists Ark Pvt. Ltd.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: