speech on Corona virus pandamic: opportunity of economic growth of india
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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
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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".
India expects most multinationals operating from China to leave that country and establish the new manufacturing base in India which will help the Indian Economy to bounce back with high growth rate.
Global Economy, which was already reeling under severe slow down, is facing the brunt of the virus. Visa bans on tourists and restrictions on visiting the other countries have put the tourism, aviation and hospitality industry in jeopardy. Social gatherings, malls, schools, multiplexes are closed till the situation improves.
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