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Indian economy & COVID-19: Facts that worry

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Equity bond prices are falling continuously and this clearly indicates that people are not investing their money in bonds as they want to keep the liquidity with themselves. It is an obvious fact that if people will not invest, the economy won’t grow. There has been a negative impact on various sectors of the economy and our fiscal, as well as the revenue deposits, are also not at all doing good.

According to the International Monetary Fund, the Indian economy will grow at just 1.9 percentage in the financial year 2020-21. The prediction is enough to narrate the whole story of the poor condition of the Indian economy. Not just the IMF, but the institutions like Moody’s, Barclays, and Crisil are also telling the same story with some minute change in the prediction of India’s economic growth.

Moody’s has cut India’s growth prediction to 2.5% whereas Barclays has predicted the growth of zero percentage in 2020 for India. The growth forecast according to Crisil for 2021 is just 3.5 percentage. The reason behind this downfall is non-other than the pandemic known as COVID 19. Twenty-one thousand seven hundred confirmed cases of the deadly COVID 19 have been reported as of now and the death toll is at six hundred eighty-six in the country.

United Nations has predicted that the global economy could shrink by 1 percentage in the financial year 2020 due to this deadly pandemic. It has been observed by the UN that the COVID 19 pandemic is disrupting the global supply chain. According to the IMF, this lockdown period will bring the global gross domestic product growth rate by three percentage in 2020.

Lockdown has played the most important role in pushing the global growth rate to the intensive care unit. There is also a fear of increasing non-performing assets in the country. 

According to research, the seventy-five percentage of India’s workforce is self-employed and the ongoing lockdown is hitting them the most. The Indian airline, tourism, and entertainment industries are among the worst affected sectors. The manufacturing and sports industry are also in the list of worst affected sectors. International Labour Organization has estimated that COVID 19 will destroy as many as 25 million jobs.

United Nations Conference on Trade & Development says that the COVID 19 pandemic will cost the global economy between 1-2 trillion in 2020. It also predicts that the trade impacts for India could be about three hundred forty-eight million dollars. The Indian share market has also seen a fall of 35 percent from January to March. The data coming from the various prestigious institutions is very clearly narrating the horror story of the global pandemic and its impact on the various economies.

Experts believe that direct bank transfer of money to daily laborers and farmers along with interest-free loans for small businesses might help India to overcome the crisis.

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