Millions of young losing their jobs is long-term cost of lockdown

Over 27 million youngsters in their 20s lost their jobs in April. This has serious long-term repercussions. It is during this age that young India builds its career in the hope of a bright future

Labour statistics improved during the week ended May 10, 2020. But only in comparison to the previous week, which was the worst that India has witnessed so far.

The unemployment rate fell from 27.1 per cent to 24 per cent. Labour participation rate rose from 36.2 per cent to 37.6 per cent. And employment rate rose from 26.4 per cent to 28.6 per cent. These improvements notwithstanding, this is not a good place to be in.

In spite of very low income levels, open unemployment in India in April 2020 was 23.5 per cent. In comparison, a much richer USA reported an