CBSE(NCERT) GRADE 12 ECONOMICS 2022 SET1

Year 2020 began with the once-in-a-century pandemic, which saw the frontline workers working tirelessly to save human lives from COVID-19. The pandemic caused its ripples on the economy and on social sectors. Governments, at all levels, intervened in a timely manner to respond to the pandemic. India has one of the lowest case fatalities rates of less than 1.5%. India has been able to save lakhs of lives through its effective policy responses. Public spending on social sector was increased in 2020 21 to mitigate the hardships caused by the pandemic and the loss to livelihood due to the lockdown. Organised sector. As per the Periodic Labour Force Survey (PLFS) report 2018 19, there was an increase in workforce totalling 48.78 crores in 2018 19 as compared to 47.14 crores during 2017 18. Out of 1.64 crores increased workforce, 1.22 crores were in rural sector and 0.42 crores in urban sector. The female labour force participation rate increased from 17.5% in 2017 18 to 18.6% in 2018 19. On 20th December, 2020, data from the Employees' Provident Fund Organisation (EPFO) shows a net increase of new subscribers of 78.58 lakhs in 2019 20 as compared to 61.1 lakhs in 2018 19. The PLFS report also showed improvement in 2020 21 (Quarter 4) when compared to 2019 20 (Quarter 4). Considering the proportion of the male workforce, casual labour decreased by 1% points, while self-employed and salaried workers increased by 0.6% points and 0.4% points respectively. Similarly, in case of female workforce, self-employed increased by 2% points, regular/wage salaried workers decreased by 0.7% points and casual labour decreased by 1.4% points. Source : Economic Survey 2020 21, Volume II, Chapter 10 (excerpt)