impact of covid 19 on aggregate deman of indian economy.
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Preliminary estimates show an upsurge in household financial savings to 21.0 per cent of GDP in Q1:2020-21 vis-à-vis 4.0 per cent in Q1:2019-20, owing to the COVID-19 led reduction in discretionary expenditure and the associated surge in precautionary saving despite stagnant/reduced income.
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Global rating agency Moody’s on Wednesday said the resurgence of coronavirus has dented India’s aggregate demand and added uncertainties to the country’s growth forecasts.
However, the economic impact of the second Covid wave would be less severe than last year and will likely be concentrated in the June quarter. Nevertheless, faster vaccination progress will be crucial to limiting economic losses to the current quarter, it said. The recently-announced centralised vaccine procurement drive, if implemented well, could aid in economic recovery, it added.
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