The Coronavirus pandemic is playing havoc on the lives of people as well as on the economy around the world. India’s Economic Growth also gets badly hit by the pandemic. Multiple sectors, including manufacturing, oil, financial among others were the ones effected says a report.
“Coronavirus Effect On Indian Economy” It is a time of Global meltdown and according to the latest Economy Forecast by Dun & Bradstreet’s, the odds of countries entering into recession and companies going bankrupt have increased and India is not likely to save itself from the wrath of this Global meltdown.
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Coronavirus Effect On Indian Economy
On India’s GDP growth one of the leading Investment Bank in the World ‘Goldman Sachs’ has said that it expects the global economy to sink into recession in 2020 and the global gross domestic product (GDP) can come to as low as 1.8 percent in 2020. For India, the global giant research house has lowered its real GDP forecast to 1.6 percent in the financial year 2020-21 (FY21) from 3.3 percent earlier.
Also according to one of the Indian research giant KPMG said, the lockdown in India will have a sizeable “Effect On Indian Economy” mainly on consumption which is the biggest component of India’s GDP. Though on the economic front India will face significant challenges, the economy can do better and it will not be bad as other developing countries, which heavily relies on world trade.
As the Indian economy does not heavily depend on exports, which means that less exposure to the decline in world trade. Also, the low price of crude oil, which is our biggest import commodity, may mean that we do not suffer an external shock. In terms of the policy by the Government, our country imposed a lockdown at a very nascent stage during the spread of the pandemic. This has given us time to create our health system for the forthcoming onslaught of patients due to Covid-19, and also give us an advantage from the research that scientists across the world are doing.
If our nation can manage supply chains and all the people follow & maintain social distancing guidelines provided by the Health Ministry for the next few months, that will definitely help to put our country slowly back on track, the summer heat can bring a ray of hope after the sun settles.
Coronavirus Effect On Indian Economy
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