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After the economic slowdown, now the lock down to be a 'big shock' to the Indian economy

Wednesday - March 25, 2020 5:45 pm , Category : WTN SPECIAL
21 day lock down in India due to Coronavirus
21 day lock down in India due to Coronavirus

Indian economy may loss 9 lakh crores due to lock down

 

MARCH 15 (WTN) - As you know that due to Coronavirus infection, the whole world is facing trouble at this time. By the time this article was written, more than 19,000 people have died from the Coronavirus all over the world. Currently, Coronavirus infection has spread to more than 190 countries of the world. As far as India is concerned, for your information, let us know that India is also currently fighting a war against the Coronavirus infection. So far 10 people have died in India due to Coronavirus infection, and more than 500 people are said to be infected with it.

 

As you are aware that the Coronavirus infection is spread by human contact, so the Government of India has announced a 21-day lock down. As you must have understood that economic production stagnates during lock down. Naturally, in such a situation, the economy of India will suffer a great loss.


According to a report by Barclays in this context, lock-down could cause a loss of about 9 lakh crores to India. According to estimates, this loss is equal to 4 percent of India's GDP.

 

According to a Barclays report, India could lose about Rs 6.75 lakh crore due to the 21-day lock-down. But many other big states, including Maharashtra are already closed, so the economic loss of the country could be more. At the same time, if the government gives a relief package to reduce the economic loss, then the financial loss of the Government of India can increase to more than 5 percent of the financial losses.

 

The Modi government may soon announce a relief package to deal with the post-lock down situation. At the same time, in the review meeting of the Reserve Bank of India on April 3, a decision can also be taken on reducing the interest rates.

For your information, let us know that Finance Minister Nirmala Sitharaman has made several big announcements on Tuesday, in which people can get relief. Finance Minister Nirmala Sitharaman has extended the deadline of income tax returns for the financial year 2018-19 to 30 June 2020. Several other similar decisions have been made to provide relief to the people.

 

Naturally, the Indian economy, which is growing rapidly from lock-down, has suffered a major setback. The economic slowdown of the last 20 months had stunted the growth rate of the Indian economy. At the same time, the lock down will put a long break on the pace of growth of the Indian economy. Actually, this is also the time to harvest the rabi crop. In such a situation, if the harvesting of rabi crop is affected, it will harm farmers as well as grain traders. But if there is life then there is enjoy. To break the chain of Coronavirus infection, it is important to end human contact. It is expected that after 21 days of lock down, once again economic activities in India will start to gain momentum.