In the wake of the coronavirus pandemic, world economies stand butchered and the safety of the job market rings hollow. Now ET has reported that about 27 million youth, between the ages of 20 to 30, lost their jobs in April 2020 alone.

CMIE is of the view that job loss of 27 million youngsters in their 20s will have serious long-term repercussions. "They will have to compete with the new cohorts joining the labour force after them, for fewer jobs," it said, adding young India will not be able to build the savings it will require later in life.

According to CMIE, job losses among the young population would have implications on savings. "While households may well conserve cash during these times, the loss of jobs among the young deprives households of the extra cash that is mostly saved for either buying a house or durables or for retirement," it said, adding that this loss of savings will have long term implications.