30-40 lakh people lost jobs due to COVID: FKCCI
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30-40 lakh people lost jobs due to COVID: FKCCI

June 18, 2021

Bengaluru: Owing to Covid-induced lockdown, the industrial sector has lost Rs. 75,000 crore this year while fifty percent people have also lost their livelihoods, according to the Federation of Karnataka Chambers of Commerce and Industry (FKCCI).

FKCCI President Perikal M. Sundar has said while the lockdown last year had hit trades and industries hard, some recovery was seen by the start of 2021. During the second wave, which affected us more, with lockdown wiped out all the gains, pushing businesses and employees in the red again. “Out of our 80 lakh registered employees, 30-40 lakh have lost jobs since the onset of the pandemic,” he pointed out on Thursday.

He said the major portion of the Rs. 75,000-crore loss was contributed by the statutory payments that businesses have to make even if they are shut. These include electricity bills, employee salaries, interest payments and other fixed overheads.

According to him, hospitality, cinema and education have been most-affected sectors.

The exchequer also lost Rs. 10,000 crore in revenue because of the restrictions.

“Businesses and medium-and small-scale enterprises will take at least 2 years to make losses incurred due to COVID,” he stated.

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