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July 12, 2020

Coronavirus: Indian economy loses $ 120 billion due to lockdown

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New Delhi: Due to Corona virus, the economy of lockdown in the entire country will have to pay about $ 120 billion. Due to this the growth rate of Indian economy will also decrease. Barclays Bank has given this estimate in a research report. This report, prepared after PM Narendra Modi’s address to the country on Tuesday evening, said that given the changed circumstances, the growth rate of the Indian economy during the calendar year 2020 will be just 2.5%, while the earlier estimate was 4.5%. 

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The forecast of growth for the financial year 2020-21 has been reduced from 5.2% to 3.5%. Even though the growth rate in the current year has decreased, but it is projected to increase in the next year. Barclays has projected an increase of 8.2% in Gross Domestic Product (GDP) for calendar year 2021, while it is estimated at 8.0% for FY 2021-22.

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The report states that the lockdown will cause a loss of about $ 120 billion to the Indian economy, which is four% of GDP. Of this, the loss of $ 90 billion would be due to extending the lockdown period. Obviously, it will also have a direct impact on the growth rate of GDP.

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