Question

Write a short note Indian Economy system during Covid-19. (80-100)

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Answer 1

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The economic impact of the 2019–20 coronavirus pandemic in India has been largely disruptive. The World Bank and credit rating agencies have downgraded India's growth for fiscal year 2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s.The former Chief Economic Advisor to the Government of India has said that India should prepare for a negative growth rate in FY21.However, the International Monetary Fund projection for India for the Financial Year 2021-22 of 1.9% GDP growth is the highest among G-20 nations.Within a month, unemployment rose from 6.7% on 15 March to 26% on 19 April.During the lockdown, an estimated 14 crore (140 million) people have lost employment.More than 45% of households across the nation have reported an income drop as compared to the previous year.

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