Business Current Affairs - 2020

Unemployment Rate in India has increased to 23% due to Lock Down

The Centre for Monitoring Indian Economy (CMIE) recently released a survey on the current unemployment situation in India. According to the survey, more than 20% of Indian Economy has lost their jobs since the lock down.

Highlights

The report said that the unemployment rate for the month of March is expected to be 8.7% as compared to 7.8% in February. Around 100 million workers in construction, mining, manufacturing and services sector are jobless due to lock down.

The Government of India publishes Unemployment report every year and in 2019, the unemployment rate was 6.1% and was the highest in 45 years of Indian history.

CMIE

The CMIE was established in 1974. It produces business and economic databases. It is an independent think tank. The largest surveys of India are being conducted by the centre. This includes household incomes and pattern of saving and spending. The think tank provides services to governments, financial markets, businesses, etc.

GoI: Invest India Business Immunity Platform launched

On March 24, 2020, the India’s National Investment Promotion and Facilitation Agency called the Invest India launched “The Invest India Business Immunity Platform”. The platform is to operate on the website of Invest India.

Highlights

The platform is to give real time updates about India’s response and actions against Corona Virus. It will provide latest initiatives of the central and state governments to combat the virus. It is to operate 24/7 under dedicated expertise.

The Platform has partnered with SIDBI (Small Industries Development Bank of India). It also includes details about other essential aspects such as locations of COVID-19 testing, special permissions, etc.

Significance

The spread of the virus has disrupted normal life of the people in the country. The GoI is providing several guidelines in order to minimize its impacts and crisis, especially on the business sector. The platform will act as a source of information to learn about such steps and keep businesses running under normalcy.