Unemployment rate in India has been increased from 6% to 24%. Unemployment rate is highest in several decades when it was 6% and now situation became more worsen. The worst hit section of the society is lower section, the labours. They have no other way but to return home because they have no other work to do and earn their livings.
Situation of other countries - the countries of the world are also in bad condition whether it is Germany or Japan, Poland or France or any other country of the world. Every country in the world is badly affected by lockdown due to covid 19.
Situation of USA- In USA unemployment has reached higher than 1929 great to depression. Situation has reached at its worst level that people have to stand in lines for many hours to get food.
Repercussions - Its result has not appeared yet. It's result would come in future. If unemployment rate continue to increase then situation can be uncontrolable.
Solution - The solution of this problem relies in keynisian model. In his model he said that when consumption, saving, investment altogether could not drive the economy, government support is necessary to move forward the economy.
We hope that this pandemic should be contained earlier and people's problem should be resolved after it.
