ECONOMIC NOTES

Data from Centre for Monitoring Indian Economy (CMIE) has pointed out that unemployment in India has risen from 6.5% in March to 13% in June. Urban unemployment increased to as much as 9.78%. These figures demonstrate that despite the Modi government’s repeated claims to the contrary, the rapid rate of job losses have not stopped. The evidence was corroborated by a survey released by IHS Markit that demonstrated the rapid rate of loss of jobs in key sectors like manufacturing.

The G7 Summit, held between 11th and 13th June in Cornwall, UK in the backdrop of the ongoing COVID19 crisis and the deadly ‘second wave’ of infections in India. Key issues on the agenda were to ensure effective and rapid vaccination, climate change, and an end to tax havens. India was invited by the UK along with Australia, South Korea, and South Africa to be a part of the summit.