Covid-19 is considered to be the worst thing after the Great Depression. While the western media is saying that it will take almost a decade for USA to recover, research reports on India are saying that 2021-22 will be worst year with respect to the unemployment rate.
As per the report of the International Management Consulting firm, Arthur D.Little, 2021-22 will pull the GDP of India to 0.8%. 17.4 Crores people will lose their jobs and the unemployment rate will hit 35% in India. Currently the unemployment rate is 7.6%. Due to this effect, 12 Crores of Indians will be dragged into poverty. The wage rate is expected to come down drastically as people will be willing to take up jobs even for less salary.
Majority of the nations are believing that the Covid-19 will prevail in the world for atleast 2 years and few nations already released the lock down. Covid-19 is the starting stage of the recession and the consulting firms say that the worst part of this recession will be in 2021-22. As few companies are moving the base from China to India, it may help the nation in providing the jobs to few unemployed people.