CURRENT AFFAIRS

Detailed explanation-1: -In July, 31.3 million people reported that they had been unable to work at some point in the last 4 weeks because their employer closed or lost business due to the coronavirus pandemic-that is, they did not work at all or worked fewer hours. This figure was down from 40.4 million in June and 49.8 million in May.

Detailed explanation-2: -Many services such as schools, gyms, and movie theatres were forced to shut down in various states temporarily. This had a significant impact on economic activity and contributed to a rise in the unemployment rate. However, the COVID-19 pandemic can be only partly blamed.

Detailed explanation-3: -From a 6% unemployment rate in 2017, India’s unemployment rate would climb to 8.3% by 2022. According to the estimate, over the next four years, 10 million more people will join the ranks of the unemployed, bringing the total to 220 million by 2022.

Detailed explanation-4: -Youth unemployment refers to the share of the labor force ages 15-24 without work but available for and seeking employment. India youth unemployment rate for 2021 was 28.26%, a 3.36% increase from 2020.