These are the first set of GDP numbers showing the impact of Covid-19 and the lockdown. Manufacturing & construction sectors dragged down GDP growth in 2019-20.
Economists lower forecasts for 2020-21 as they say the extension of the lockdown, even with some relaxations, will adversely impact manufacturing and services.
The UN report said that COVID-19 is having far-reaching effects, with strong cross-border spillover effects through trade, tourism and financial linkages.
Moody’s said credit flow to the economy already remains severely hampered because of severe liquidity constraints in the bank and non-bank financial sectors.
At a seminar in Delhi, economist Alex Tabarrok said studies show how severe pollution has immediate effects on productivity and performance of the workforce.
Former PM Manmohan Singh had warned in November 2019 that the Indian economy was entering a stage of stagflation, with high inflation and stagnant demand.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
Not the virus’s fault.