The whole world is facing the damage done by the coronavirus epidemic. In India, there is a complete lockdown of 21 days which can be extended as well. The share market is fluctuating; the economy is grappling to survive, and most of the sectors and segments contributing to the economy are shut down.
Now, India is on another verge of crisis as 136 million jobs are in danger. Post coronavirus epidemic, one can expect a tsunami of job losses in various private sectors done by companies to bear their enormous losses. These private sectors include Information technology, hospitality, tourism, finance. The Indian government has directed to close public places as a domestic measure. Also, people themselves are avoiding going to the office and crowded places. Due to this, economic and business activities have come to a complete halt.
Moreover, people working under non-contractual jobs like labour, small registered companies, startups, nano businesses are on a higher risk of getting affected. These data are suggested by the National Sample Survey (NSS) and Periodic Labour Force Surveys (PLFS).
The epidemic crisis on the global economy is severe, and it has placed the entire humanity in danger, due to this, the period of destruction of the economics of countries has started. In the last two months, due to the impact of this epidemic, in many countries of the world, where the stock markets have completely broken down, most of the countries are facing huge problems on the business front.
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The International Labor Organization (ILO) has feared that if governments globally do not try to protect the interests of their employees, the impact of this global epidemic will be seen on the job market and millions of people may have to lose their jobs. During the 2008 global recession period crisis, unemployment rose to around 220 lakhs globally.
