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The Impact of the COVID-19 pandemic on Economy in India


India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. The World Bank and rating agencies had initially revised India's growth for FY2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s. However, after the announcement of the economic package in mid-May, India's GDP estimates were downgraded even more to negative figures, signaling a deep recession. The ratings of over 30 countries have been downgraded during this period. 

On26 May, CRISIL announced that this will perhaps be India's worst recession since independence. State Bank of India research estimates a contraction of over 40% in the GDP in Q1 the contraction will not be uniform, rather it will differ according to various parameters such as state and sector. On 1 September 2020, the Ministry of Statistics released the GDP figures for Q1 (April to June) FY21, which showed a contraction of 24% as compared to the same period the year before.

According to Nomura India Business Resumption index economic activity falls from 82.9 on 22 March to 44.7 in April because of  The Impact of the COVID-19 pandemic on the Economy in India. By 13 September 2020 economic activity was nearly back to pre-lockdown. Unemployment rose from 6.7% on 15 March to 26% in April and then back down to pre-lockdown levels by mid-June. During the lockdown, an estimated 14 core (140 million ) people lost employment while salaries were cut for many others. More than 45% of households across the nation have reported an income drop as compared to previous year because of The Impact of the COVID-19 pandemic.

The Indian economy was expected to lose over 32,000 crores  (US $ 4.5 billion) every day during the first 21-days of complete lockdown.

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