write down the effects of Covid 19 on Indian Economy.
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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".
Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June.[1][2] During the lockdown, an estimated 14 crore (140 million) people lost employment while salaries were cut for many others.[1][3] More than 45% of households across the nation have reported an income drop as compared to the previous year.[4] The Indian economy was expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak.[5][6] Under complete lockdown, less than a quarter of India's $2.8 trillion economic movement was functional.[7] Up to 53% of businesses in the country were projected to be significantly affected.[8] Supply chains have been put under stress with the lockdown restrictions in place; initially, there was a lack of clarity in streamlining what an "essential" is and what is not.[9] Those in the informal sectors and daily wage groups have been at the most risk.[10] A large number of farmers around the country who grow perishables also faced uncertainty.[9]
Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June.[1][2] During the lockdown, an estimated 14 crore (140 million) people lost employment while salaries were cut for many others.[1][3] More than 45% of households across the nation have reported an income drop as compared to the previous year.[4] The Indian economy was expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak.[5][6] Under complete lockdown, less than a quarter of India's $2.8 trillion economic movement was functional.[7] Up to 53% of businesses in the country were projected to be significantly affected.[8] Supply chains have been put under stress with the lockdown restrictions in place; initially, there was a lack of clarity in streamlining what an "essential" is and what is not.[9] Those in the informal sectors and daily wage groups have been at the most risk.[10] A large number of farmers around the country who grow perishables also faced uncertainty.[9]
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With the number of COVID-19 cases leaning dangerously more than 200,000 and the worldwide death toll crossing more than 8,000, the World Health Organization (WHO) declared the virus outbreak a pandemic in the second week of March 2020, four months after the novel virus first made headlines.
Manjula Muthukrishnan Nearly 162 countries are steadily going into lockdown, and businesses across the globe are operating in fear of an impending collapse of global financial markets. This situation, clubbed with sluggish economic growth in the previous year, especially in a developing country like India, is leading to extremely volatile market conditions. Let’s understand how the coronavirus is impacting business and subsequent tax reforms in India. With rising unemployment, interest rates, and fiscal deficit, the economy in India has seen better days. Adding fuel to this fire is the novel Coronavirus that is sending tremors down Indian trade markets dependent on China for imports.