by our special correspondent:
While corona doomed the lives of many government is still paying the fat salary to even non performing government employees.Times has come so that both state and central government cut down the fat salaried to supplement other citizens and covid fight.Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June. … The Indian economy was expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak.
UNRELIABLE STATISTICS, GOVERNMENT PLEASING FACTS ARE WORSENING THE SITUATION MORE.COVID-19 has been a largely disruptive factor when it comes to the economics of India.The announcement of the lockdown on 25th March led to SENSEX ad NIFTY posting their largest profits seen in eleven years.
In the fourth quarter of the 2020 fiscal year, India’s growth went down by 3.1%, according to the Ministry of Statistics. The Chief Economic Advisor to the Government of India has stated that this drop is the effect of the main causality, the widespread presence of SARS-CoV-2. The coronavirus pandemic has had a negative impact on the economy of the nation.
Notably enough, the country had been experiencing a pre-pandemic slowdown economically as well, and the pandemic has helped in magnifying pre-existing risks present in India’s economic outlook, as said by the World Bank. Before the pandemic, rating agencies had revised India’s economic growth for the fiscal year of 2021 as one of the lowest figures India has encountered since the 1990s economic liberalization of the country.But, ever since the announcement of the economic package in mid-May, India’s GDP estimated were downgraded further into the negative figures, signalling a deep recession for the nation.
CRISIL has announced that this could be India’s worst recession period ever since its independence in the year of 1947.State Bank of India’s research has concluded that there may be over a 40% contraction in India’s GDP, and may vary all over the country depending on the sector and state, among other parameters.Between the months of March and April, unemployment in the nation rose from 6.7% to 26%, by a factor of almost four times larger than pre-pandemic numbers.
An estimated 140 million citizens have lost their employment status during the heavy lockdown that India was (and still may be) under heavy duress in coming years.All across the country, more than 45% of the households have reported raw income drops in comparison to last year’s numbers. The employed ones are not well-off either, as there have been numerous reports of salary cuts all across various organizations in India.
During the lockdown, the country’s economy was expected to lose an estimated USD 4.5 billion every single day it remained shut. Out of the USD 2.8 trillion economy being run in the nation, less than 25% of the entire system was barely functional and registering any sort of movement in the markets. Supply chains are under distress due to the lockdown, due to the initial lack of clarity between essentials and non-essentials.
The most risked group of people in the economy are informal sector and daily wage workers, as they have always been. Farmers that had invested in perishable foods prior to the unforeseen circumstances being faced today are also facing uncertainty all across India.Most major organizations across the nation have either temporarily suspended or significantly reduced their operations in such a time. New and upcoming startups have taken a deep fall as the pandemic has affected their funding levels.
Stock markets in India recorded the worst losses faced by various institutions in the history of India on the 23rd of March, 2020.
LASTLY IDIOT BABUS AND CURRENT POLITICIANS DONT HAVE THE STRENTH,INTELLECT AND ACUMEN TO SAVE INDIA.INDIA WILL BE SAVED IN NORMAL WAY. TILL THEN STAY ALIVE AND AFLOAT.
