In this edition of Big Story, Moneycontrol's Sakshi Batra tells us about the acute labour force shortages faced by industries as they resume operations under lockdown 3.0
With the government easing several restrictions under lockdown 3.0, factories in India have started resuming operations after nearly a month and a half.
But, they are facing a severe shortage of labour as most migrant labourers have left for their native. Some of the workers are also stuck due to the lockdown.
As a result, businesses are struggling to deploy even 20 percent of the required labour force. Industries are seeking support from the government to migrate workers from one location to another.
According to a report by CRISIL, India has 465 million in the workforce out of which 415 million individuals work for the informal sector with no social or security benefits for them. Migrants have faced extreme hardship during the lockdown due to loss of wages for over a month.
Industry leaders believe April-June quarter would be a washout even for the high and mighty but would be catastrophic for SMEs. Some of them see labour shortages to last for as long as six months and as many as 40 million loss of jobs. With these challenges at the fore, it will be a daunting task to revive an economy that was crawling even before the coronavirus outbreak.
In this edition of Big Story, Moneycontrol's Sakshi Batra shares insights into the current situation of factories that have reopened under lockdown 3.0.
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