The Center of Monitoring Indian Economy (CMIE) revealed that 27 million youth roughly aged between 20-30 years lost their jobs following the nationwide lockdown.

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CMIE weekly reports reflected the numbers for the week that ended on May 10 where the unemployment rate fell from 27.1% to 24% . 


CMIE’s Consumer Pyramids Household Survey reflects that youngsters between the age group of 20-24 accounted for 11% of those who lost jobs. Ironically, the same age group constituted 8.5% to the total employed persons in the country in 2019-20. The report further said: 

34.2 million of these young men and women were working in 2019-20. In April 2020 their numbers were down to 20.9 million. 

According to the same reports, 14 million jobs were lost in the age group 25-29 years. This loss was described as being disproportionately high as this group accounted for a total of 11.1% of the total employment in 2019-20 and accounted for 11.5% job losses. 

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Furthermore, 33 million employees in their 30s lost jobs in April out of which 86% of the job losses were positions that belonged to men. 

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CMIE reports further stated that job loses would have a direct impact on the savings and loss of savings will have further long-term implications. It said: 

While households may well conserve cash during these times, the loss of jobs among the young deprives households of the extra cash that is mostly saved for either buying a house or durables or for retirement. 
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However, as the government has managed to open a few industries, there has been a slight increase in labour participation, it rose from 36.2% to 37.6%.