In the third quarter of the current fiscal, the economy grew at 4.7 per cent, slowest in six years. With the outbreak of coronavirus, this number can fall as low as 2.5%
1. India is among the 15 most affected economies due to Covid-19.
2. A two-day lockdown has already done more damage than the damage done by demonetisation in 2016.
3. India’s economy was already experiencing a slowdown in growth.
4. The global economy is estimated to contract by 1%.
The last time the economy shrank by this number was during the 2008-2009 global recession. This estimate only holds if things settle down by May-June. If things continue at this scale, the impact will be heading towards that of the Great Depression.
5. Covid-19 outbreak would cost the Indian Economy between $387 million and $29.9 billion.
6. The most impacted industries will be hospitality, tourism, retail and aviation.
7. The corona impact on retail business will be 11 million (25%) job losses.
8. Over 90% of India’s population is engaged in the informal sector and this sector contributes to half of the country’s GDP.
These are people who are either self employed or casual labourers with no minimum wages, no social security and no option of missing work.
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9. India’s Rs. 1 trillion market of poultry has begun to reduce animal population by using selective slaughter because of myths surrounding chicken being the cause of the virus.
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