The nation has come to a standstill after offices have shut down, flights and trains have been cancelled, movie theaters have closed and there are no signs of humans on the road.
The lockdown has cost us in many ways, a major one being in terms of the economy. Seeing minimum to almost no economic stimulus or motion, it’s a given that our economy is going to bleed. But how badly?
A report from the Centrum Institutional Research put a number to this devastation. It said that the lockdown has cost the Indian economy between Rs 7-8 lakh crore.
Another report earlier had estimated that the cost of the lockdown would amount to over Rs. 35,000 crore every single day. In the larger scheme of things, this would come to a total GDP loss of Rs. 7.5 lakh crore for 21 days.
The losses in the real estate sector is estimated at Rs. 1 lakh crore according to the National Real Estate Development Council.
The All India Motor Transport Congress (AIMTC) said that the total losses to truckers who undertake long haul journeys to deliver goods incurred the losses of about Rs 35,200 crore just in the first 15 days of the lockdown. This would equal to a loss of Rs 2,200 to per truck, per day.
The World Bank expects the country’s economy to grow between 1.5% to 2.8%. The Asian Development Bank sees growth falling to 4%. There are varying projections but they all point to a rapid decline.
While these were just the projections and the outcome of the first lockdown, these numbers are only anticipated to get worse post lockdown 2.0.
