please please please please please please please please please provide me information about covid 19 impact on Indian economy.
My teacher gave me to make project file on covid 19 impact on Indian economy
I didn't get information about this to make project file
so please if you made project file on that topic please provide me
Answers
Answer:
Hey Here is your answer
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".
Major companies in India such as Larsen & Toubro, Bharat Forge, UltraTech Cement, Grasim Industries, Aditya Birla Group, BHEL and Tata Motors have temporarily suspended or significantly reduced operations. Young startups have been impacted as funding has fallen.[12][13] Fast-moving consumer goods companies in the country have significantly reduced operations and are focusing on essentials. Stock markets in India posted their worst loses in history on 23 March 2020.[14] However, on 25 March, one day after a complete 21-day lockdown was announced by the Prime Minister, SENSEX and NIFTY posted their biggest gains in 11 years.
India up to 53% of businesses have specified a certain amount of impact of shutdowns caused due to corona virus on operations, as per a FICCI survey in March.[9] By 24 April the unemployment rate had increased nearly 19% within a month, reaching 26% unemployment across India, according to the 'Centre for Monitoring Indian Economy'.[2] Around 140,000,000 (14 crores) Indians lost employment during the lockdown. More than 45% households across the nation reported an income drop as compared to the previous year.[5][180] Various business such as hotels and airlines cut salaries and laid off employees.[4] Revenue of transport companies such as Ola Cabs went down nearly 95% in March–April resulting in 1400 layoffs.[181] It was estimated that the loss to the tourism industry will be ₹15,000 crore (US$2.1 billion) for March and April alone. CII, ASSOCHAM and FAITH estimate that a huge chunk of the workforce involved with tourism in the country faces unemployment.[182] Live events industry saw an estimated loss of ₹3,000 crore (US$420 million).