how to make a pot on corona virus and its impact in Indian economy
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Answer:
Abstract India had been going one of the worst phases of the financial crisis in its 72 years of history. India’s top three rating agencies like Fitch, Moody’s and S&P have already reduced India’s growth GDP to the lowest marks much before Corona. Now, this Corona epidemic would have a long lasting & frightening effect on the Indian Economy which might push India almost 70 years back similar to the portion era.
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Explanation:
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. 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. Notably India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
Economic impact of the COVID-19 pandemic in India
IMF World Economic Outlook April 2020 Real GDP growth rate (map).svg
Map showing real GDP growth rates in 2020, as projected by the IMF.
Date
March 2020 – present
Type
Global recession
Cause
COVID-19 pandemic-induced market instability and lockdown
Total Economic Stimulus
₹29.87 lakh crore (US$420 billion) [15% of national GDP]
(uptil 31 October 2020)
Impact
Largest GDP contraction ever in Q1 (April–June) FY2020–2021 at -24%
Sharp rise in unemployment
Stress on supply chains
Decrease in government income
Collapse of the tourism industry
Collapse of the hospitality industry
Reduced consumer activity
Plunge in fuel consumption. Rise in LPG sales.
Trade tensions with China
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, signalling a deep recession. (The ratings of over 30 countries have been downgraded during this period.) On 26 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.