May 26

India's unemployment rate continue to remain over 24% during lockdown: Report
As per a report by Centre for Monitoring Indian Economy (CMIE) the week ended May 24 recorded an unemployment rate of 24.3 percent. This is a shade higher than the 24.0 percent unemployment rate recorded in the preceding week.
* The unemployment rate has risen from 8.8 percent in March to 23.5 percent in April and seems to have remained stable at an elevated rate of around 24 percent in May.

May 24

India may register recession in third quarter of this fiscal: Dun & Bradstreet
According to Dun & Bradstreet's report, the Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic.
* The country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.
* The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced.
* The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

May 20

Unemployment rate in India at 24% for week ended May 17: CMIE
According to the report by Center for Monitoring Indian Economy (CMIE) the unemployment rate in the country was 24 percent for the week ending May 17.
* The Corona crisis and the lockdown have resulted in a tremendous reduction in employment in India. Urban India has a higher unemployment rate of 27 percent compared to rural India’s 23 percent.

Foreign investors pull out $16 bn from: CRS Report
According to a Congressional Research Service (CRS) report, foreign investors are withdrawing their investments from developing countries amid the global economic recession due to coronavirus.
* Foreign investors have pulled over $16 billion (Rs 1600 crores) out of India and an estimated $26 billion (Rs 26 crores) from developing Asian economies.


May 18

Sea levels can rise more than one metre by 2100
An international team of researchers has revealed that the global mean sea-level rise could exceed 1 meter by 2100 and 5 meters by 2300 if global targets on emissions are not achieved.
* The study used projections by more than 100 international experts for the global mean sea-level changes under two climate scenarios - low and high emissions.
* In a scenario where global warming is limited to 2 degrees Celsius above pre-industrial levels, the experts estimated a rise of 0.5 meters by 2100 and 0.5 to 2 meters by 2300.
* In a high-emissions scenario with 4.5 degrees Celsius of warming, the experts estimated a larger rise of 0.6 to 1.3 meters by 2100 and 1.7 to 5.6 meters by 2300.


May 17

COVID-19 could cost 13.5 crore jobs, push 12 crore people into poverty in India: Report
According to a new report by international management consulting firm Arthur D Little, following the COVID-19-induced economic disruptions, up to 13.5 crore jobs could be lost and 12 crore people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending, and savings.
* Unemployment may rise to 35 percent from 7.6 percent resulting in 13.6 crore jobs lost and a total of 17.4 crores will become unemployed. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22, the report said.