Question

one reasons why economy is falling due to corona virus​

Answer 1

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Answer 2

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Explanation:

India faces a sharp decline in government revenues and economic growth for at least two quarters as the coronavirus hits economic activity and a fall in investor sentiment impacts privatisation plans, government and industry sources said.

Officially, the government is still sticking to the target of achieving 6-6.5% in the next financial year beginning April, while hoping that a fall in crude oil prices could help it garner more revenue and contain a fall in revenue from other sectors.But economists and bankers are turning increasingly downbeat about India's economic prospects, especially as the government is betting on filling its coffers through ill-timed asset sales.

"We are going to miss the revised revenue targets for the current fiscal year, and will have to lower next year's targets as well," said a senior government official with direct knowledge of budget estimates.He said receipts from a much-delayed privatisation of India's second-biggest oil refiner, Bharat Petroleum Corp, could be lower by at least $2 billion against initial estimates.

The company's share prices have fallen by over 27% since January while the broader NSE Nifty 50 index has fallen by nearly 20% following a panic in global markets.

The situation in India was still far better compared to some other countries hit by global pandemic, Sarkar said.

India annually earns nearly $30 billion from foreign tourist arrivals, and the industry is worried that a global spread of the virus will harm already weakened economic growth.

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