UNEMPLOYMENT RATE DROPS IN TN, UNLOCK 4.0 BRINGS MORE BUSINESS! - REPORT

The unemployment rate in Tamil Nadu has dropped to the lowest since February before Unlock 4. However, reports state that the unemployment rate in TN is lower than all of India. The Unlock 4 has brought about several relaxations in order to retrieve the economy and ease the livelihoods of people, which has in turn increased the agricultural and manufacturing activities.

Among the other states which manufactures largely, Gujarat’s unemployment rate of 1.9% was lesser than that of Tamil Nadu’s However, other states such as Maharashtra reported a percentage as high as 6.2%. However, the unemployment rate in Tamil Nadu is notably directly related to the unlock guidelines. In April it was as high as 49.8% which eventually fell to 8.1% in July.

In August the number of manufacturing units which began production increased multi-folds. “We started our third shift of production some three weeks ago,” Ganesh, Director of production at Hyundai was quoted saying by TOI. Almost all the factories in Chennai- Sriperambudur- Oragadam belt opened for production as well. Parryware Roca, manufacturers of bath fittings said, “All our eight factories are back to pre-COVID levels. Sales in August saw 92% pre-COVID level and September looks better.”

“We expect strong growth. We have brought back most guest workers from Bihar and other places in more than 35 buses spending Rs. 8,000 per person,” said the CMD of SP Apparels.

“The global pandemic has significantly impacted businesses across industries. We also saw an initial slowdown owing to the lockdown, but business picked up in May as we restored the supply chain and distribution. Primarily driven by growing demand for nutrition and hygiene products and owing to a significant shift in online sales from 33.6% in February to more than 70% now, our business has almost come back to the pre-COVID times. We will be investing 150 crore in India to boost manufacturing automation, home delivery and to strengthen our digital capabilities to ensure efficient functioning,” said Anshu Budhraja, CEO at Amway India.