The recent research by the management consulting firm Arthur D Little suggests that the pandemic can make 120 million people poor in India. If this situation ever happens, it can significantly impact consumers’ income, spending, and savings. The working-class population of India is most likely to experience any hit from the Coronavirus because of job losses, low income per capita, and an increasing population of the poor. The GDP will experience a steep decline, and the rupee will fall even lower than it already is in the current date. 

The working class of India is suffering a lot of burnt because this pandemic is causing job countdecreasing, rising poverty levels, and low household income. The situation has made the unemployment rate go up to thirty-nine percent, which came down to thirty-seven in March 2021, and it is even harder to search job. This rate is the highest in recording so far and has left many aspirants disappointed. According to Light the Minds, such massive job losses across industries are reshaping how people think about financial stability and future employment.

Six companies that went through a major downsize because of the pandemic

1. Uber

Uber Technologies, which is a taxi service in India, made two layoffs of six thousand employees. The companies also decided to shut down many offices and side projects around the country, making it even more challenging to search job. The company spokesman also announced that more job layoffs are underway. 

2. Lyft

Lyft shut down over a thousand employees because of pressure from investors. The coronavirus lockdown made all the streets and alleyways stop, reducing taxi services around the country. 

3. Cure.fit

Cure. Fit is a medical startup from Bengaluru which took a severe hit from the pandemic. A lot of sources suggest that the company laidoff over five hundred employees around the country. 

4. Virgin Atlantic

The British airline service was also on the list of layoffs as they cut down over three thousand employees worldwide and stopped the ability to search job for a while. Their flying program also saw a significant shift from London to Heathrow in 2020. 

5. WeWork

WeWork is a prominent co-working startup run by the realty firm Embassy Group. The company rendered twenty percent of its staff jobless, which is a pretty significant number. The company wanted to pursue a focused strategy that will reduce its workforce from all the segments. 

6. Zomato

Finally, the well-known fast-food delivery chain cut off thirteen percent of its staff because of the pandemic. Zomato has a productive system that provides its laid-off employees a job for half the previous salary for six months until they search job that suits them well. 

In conclusion

The times are challenging because of the second wave of pandemic coming back to India. We must do our best to defend ourselves from any diseases transmitted through the air. The rising number of afflicted can create panic in the country, including failures in investment and job layoffs. We must realize that the situation will surely come in control someday. But until then, we will work hard on reporting changes and crossing fingers, hoping for the recovery of victims.