India’s unemployment rate likely to soar to highest in a year due to lockdown

India’s unemployment rate may soar to the highest in a year, with another 10 million jobs lost in May, as states extended restrictions to control the world’s worst coronavirus outbreak, according to a private research firm.
The nation’s unemployment rate is estimated to rise to much as 11% this month, Centre for Monitoring Indian Economy Pvt. Managing Director Mahesh Vyas said in an interview with Bloomberg Television on Wednesday. That would make it the highest since May 2020, when a nationwide lockdown imposed by Prime Minister Narendra Modi ravaged the economy.