Lockdown led to break in the pace of economic growth of the country

The country's growth rate may come down to below 3 percent in the upcoming financial year 2020-21

MARCH 27 (WTN) - Right now the entire human civilization is fighting a decisive war against the Coronavirus infection. So far, 24,113 people have died in the whole world due to Coronavirus. India, the world's second largest populated country, is also fighting against the Coronavirus infection, that's why the Indian government has imposed 21 day lockdown in the entire country. People are forced to stay in homes all over India due to the lockdown. In such a situation, economic activity has been curbed throughout the country due to the lockdown.

India's economy is going to suffer a major setback due to the closure of economic activities. The Indian economy has already suffered a slowdown due to the global economic slowdown. In such a situation, there is going to be a big loss to the economy due to lockdown. According to a report, a 21-day lock-down will cause a loss of about 9 lakh crore rupees to the country's economy. At the same time, it is feared that the economic growth rate may come down to 2.6 percent in the next financial year 2020-21.

For your information, let us know that according to the report of SBI Research's report ECORAP, GDP growth rate can also fall from 5 percent to 4.5 percent in FY 2019-20. In fact, due to the lock-down, the GDP growth rate is estimated to be only 2.5 percent in the current quarter of the current financial year 2019-20. Now, the economic activity has been braced, the results for the current quarter will be disappointing. At the same time, due to reduced GST collection, the revenue of the government will also be affected.

According to the report, there is a possibility of a huge decline in the economic growth rate in the first quarter of the next financial year 2020-21. If the same order continues in the future, then the growth rate could come down to 2.6 percent in the FY 2020-21. The ECORAP report states that there is a possibility of a loss of at least Rs 8.03 lakh crore on market value basis due to the 21-day shutdown. While there may be a loss of Rs 1.77 lakh crore in terms of income. Not only this, but there may be a loss of 1.65 lakh crore in capital income.

Human society is fighting the battle for its existence at this time. If you have life, you have the world. So it is natural that 21 days lockdown is most important to save people's lives. When the human contact ends, the chain of the Coronavirus infection can be broken. In such a situation, everyone needs to be patient. Soon bad times will pass and life in the country will become normal once again, and economic activities will start moving fast once again. Just have patient, everything will be good.