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    Impact of Covid On Indian Economy

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    Kiran J
    The COVID-19 pandemic has devastated the Indian economy. GDP contracted by 7.3% in fiscal year 2020-2021, the worst of any major Asian economy. Unemployment rose to nearly 14.73% as economic activity declined sharply. While the government has taken measures to revive the economy through reforms and spending, growth is expected to remain low in the near future and India may lose years of economic gains due to the pandemic's impact.

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    Impact of Covid On Indian Economy

    Uploaded by

    Kiran J
    73 views4 pages
    The COVID-19 pandemic has devastated the Indian economy. GDP contracted by 7.3% in fiscal year 2020-2021, the worst of any major Asian economy. Unemployment rose to nearly 14.73% as economic activity declined sharply. While the government has taken measures to revive the economy through reforms and spending, growth is expected to remain low in the near future and India may lose years of economic gains due to the pandemic's impact.

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    Impact of Covid on Indian Economy

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    The COVID-19 pandemic has devastated the Indian economy. GDP contracted by 7.3% in fiscal year 2020-2021, the worst of any major Asian economy. Unemployment rose to nearly 14.73% as economic activity declined sharply. While the government has taken measures to revive the economy through reforms and spending, growth is expected to remain low in the near future and India may lose years of economic gains due to the pandemic's impact.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    73 views4 pages

    Impact of Covid On Indian Economy

    Uploaded by

    Kiran J
    The COVID-19 pandemic has devastated the Indian economy. GDP contracted by 7.3% in fiscal year 2020-2021, the worst of any major Asian economy. Unemployment rose to nearly 14.73% as economic activity declined sharply. While the government has taken measures to revive the economy through reforms and spending, growth is expected to remain low in the near future and India may lose years of economic gains due to the pandemic's impact.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    IMPACT OF COVID ON INDIAN ECONOMY

    Study the economic impact of COVID-19 in India through daily power


    consumption and night light intensity. Conclusion The COVID-19 pandemic has
    disrupted economic activities in India. The economic impact of the COVID-19
    pandemic on India has been devastating to a large extent.The chief economic
    adviser to the Indian government said the decline was mainly due to the impact of
    the coronavirus pandemic on the Indian economy. Notably, India has also seen a
    pre-pandemic slowdown, with the current pandemic "exacerbating preexisting
    risks to India's economic outlook," according to the World Bank. The World Bank
    and rating agencies initially revised India's growth rate for fiscal 2021, setting the
    lowest performance 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 reduced to negative values,
    indicating a deep recession. In the fiscal year ending March 31, India's GDP
    contracted 7.3%, more than any other major Asian economy. In the midst of the
    second wave, the government released data showing that India's gross domestic
    product (GDP) grew 1.6% in the January-March 2020/21 fiscal year, as did the
    number of coronavirus cases. According to the latest national income estimates, the
    economy contracted another 7.4% in the second quarter of fiscal year 2020/21
    (July-September 2020). Thus, the economy was expected to grow by 6.7% in the
    next fiscal year, compared with the previously projected 6.5%.However, in 2019,
    its growth slowed to 4.7%, the slowest in 6 years, and unemployment reached a 45-
    year high. The annual urban unemployment rate fell from 8.8% in April-June 2019
    to a staggering 20.8% between April and June 2020 (National Bureau of Statistics,
    Government of India, 2020). According to data from the Center for Economic
    Monitoring of India (CMIE), in the week ending May 23, India’s unemployment
    rate rose to nearly 14.73% annually, reflecting the impact of the economic
    downturn. A poll by Reuters showed that India’s economic outlook has
    deteriorated again, albeit only slightly, and the worst-case forecast indicates that
    the coronavirus pandemic may be more serious, which has raised concerns about
    the possible escalation of the employment crisis next year. The World Bank,
    International Monetary Fund (IMF) and various rating agencies have bottomed out
    their growth forecasts for India's 2021 fiscal year. This is probably India's lowest
    growth rate in three decades. From 2014 to 2018, India was the fastest growing
    economy in the world, with a GDP growth rate of> 7. India's promising economic
    recovery during March consolidated government revenues. India's overall
    economic package was announced at Rs 20 million (US $ 280 billion), accounting
    for 10% of India's GDP. To revive economic activity after the pandemic, Modi
    implemented political reforms to improve production in the country, increase
    investment in factories and change the investment climate. According to him, such
    a policy not only contributes to the growth of GDP, but also solves the problems
    that people face. Speaking here during a keynote speech at the Hindustan Times
    Leadership Summit, Shah said that Prime Minister Narendra Modi predicted that
    India will have great opportunities in the world after the coronavirus. He assumed
    the economic crisis would affect the entire world, but the government's political
    decisions ensured that the global economic downturn would not affect the country,
    Shah said. Interior Minister Amit Shah said on Saturday that India's economy is
    recovering the fastest in the world from the impact of the coronavirus pandemic
    due to political decisions taken by the Modi government. This paper is an analysis
    of the economic impact of the Covid-19 pandemic in India. We will describe the
    main features of the pre-pandemic economic crisis in India before discussing the
    post-March 2020 economic situation. The economic impact of the COVID-19
    pandemic on India has been devastating. From just 4% growth in 2019-20, to a 7-
    8% contraction in 2020-2021, to the resumption of another low economic growth
    in 2021, India has practically stalled on all its trajectories. India's economy is
    expected to resume recovery after the Covid wave recedes and India's economy
    continues to grow at a faster pace than its peers with similar per capita incomes
    worldwide. But in the medium term, it is not about how quickly "normal" growth
    will resume, but about how many years have been lost and whether the "normal"
    level of 7-8% achieved by India in the 2000s will be, or more ... 3-5% of the
    previous decades. A recent study by the National Council for Applied Economic
    Research (NCAER), a think tank based in Delhi, suggests that without a rapid
    growth strategy, India will not be able to make up for lost growth and may never
    receive a demographic dividend from a relatively large workforce. with relatively
    few dependents. It has already cut its growth forecast from 10.4% to 7.9%, and the
    modest recovery suggests more serious damage has been done to the economy,
    which was worth about $ 2.9 trillion before Covid. Rising inequality and tight
    household budgets are holding back the recovery. India is particularly at risk of
    this risk due to higher poverty rates coupled with significant economic stagnation
    not seen before. India has a twofold challenge: increasing domestic vaccinations
    and reviving a struggling economy. It is hoped that the vaccination program will
    also allow the country to resume work and return to work, and it is likely that it
    will spur economic growth by the end of the year. Nevertheless, in all likelihood,
    the recovery of the global economy, including India, could be in the shape of the
    letter X. A study of the impact of COVID-19 on manufacturing activities in the UK
    found that more than 80% of respondents expected a decline in turnover in the next
    two quarters. The COVID-19 pandemic has led to a sharp decline in economic
    activity in India. These models assess the detrimental impact of COVID-19 on
    India's GDP growth and other important medium-term indicators. Third, it attempts
    to quantify the magnitude of India's economic losses using an input-output
    structure. Finally, it critically assesses the Indian government's economic response
    in the comparative system. Second, it describes the nature of the economic impact
    of the blockade between March 2020 and October 2020. Comparing national
    unemployment rates in 2020, India's 7.1% rate indicates that it has fared relatively
    low on both the global average and compared to a group of peers with similar per
    capita incomes. The fact that India's 2019 growth rate was one of the fastest makes
    the decline due to Covid-19 even more evident. While macroeconomic statistics
    provide insight into India's economic situation, they hide large and unequal
    implications for households and workers within the country.

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