Takeaway: With the current coronavirus epidemic, the Indian economy is crashing, and because of that, millions of jobs are on track.
To date, the problems have been significantly affected by the projected 120 million migrant employees from India who operate for regular wages. Unable to afford accommodation or food in villages, thousands of them travel hundreds of miles in the hinterland with mass transit shut down.
With the ongoing Coronavirus outbreak, the Indian labor market hit all sectors, and the start-ups are the worst hit. Many companies such as Meesho, 1mg, OYO, BharatPe, ZestMoney and Fab Hotels have laid-off employees. In contrast, others such as Droom and Bookmyshow have made cuts even after the government instructions. These companies are also providing work from home jobs.
The next few months will likely see the fall of more than 1.5 lakhs in India ‘s numerous IT companies. It is weak because it relies on exports to the western markets. Even the smaller companies have a hit. Thus far, more than 490 IT workers have left their jobs in Bengaluru and West Bengal.
Many startup stories and venture capitalists asked the government to give them a “robust assistance program” to help combat the severe effects of the Covid-19 market. Instead of getting interest-free loans and waiver of leasing for three months and promising wage incentives, the companies requested the government to bankroll 50% of their employee salary for six months.
Many prominent media companies have backed dismissals or involuntary leave without compensation. Although the Indian Express and Business Standard declare wage reductions, some take action to reduce costs.
On 15 April, the International Air Transport Organization, a multinational airline organization, stated that over 20 lakh employment in India’s aviation industry is at stake. Some domestic airlines, such as SpiceJet and GoAir, have been forced to leave without pay and to lay off ex-pat pilots.
Hospitality and Tourism Sector
The hospitality sector is also paralyzing travel restrictions, including in India. The Federation of Hotel & Restaurant Associations of India published a statement citing the potential job losses to seek financial relief from the government and the industrial body. In India’s hospitality and tourism sector, COVID-19 is facing a possible job loss of around 38 million, 70% of all workforce.
The terror of coronavirus has wholly crippled the industry. In March, India’s exports of goods decreased by 34.6% and imports decreased by 28.7%, with countries sealing their boundaries in the fight against viruses. The COVID 19 industry market, which is heavily reliant on exports, includes gearing, diamonds, gemstone, jewelry, art, engineering, and others, which could lead us to the loss of employment in India of dull global trade patterns.
Experts advise workers with occupational safety to adapt to change, and those who have lost jobs to take advantage of the opportunity through free job alert. Don’t lose heart when things look terrible now, but explore your options and find a way to improve your prospects.