India's COVID-19 labour shock (April 2020)
India's nationwide lockdown in late March 2020 shut down most of the economy overnight. The Centre for Monitoring Indian Economy (CMIE) estimated unemployment spiked to roughly 24% in April 2020, the highest in its series.
Millions of daily-wage workers lost work or migrated home as the informal economy froze.
Over the following years the rate settled back into the 5-7% range, the band it occupied before and since the shock.
It shows how far India's headline unemployment can swing. Today's 5.0% is modest by comparison — yet CMIE's October 2026 note still describes the labour market as in 'quite an upheaval.'
