Corona outbreak, which has infected more than 2.6 million people and killed over 180,000 globally, has also crippled manufacturing, shutting factories and suspending supply chains.
Meanwhile, with restaurants, bars and other leisure options closed, holidays canceled and travel restricted, the situation in the services industry was dire.
To try and support economies reeling from the coronavirus pandemic, governments and central banks around the world have unleashed unprecedented amounts of fiscal and monetary support.
Even China, which is starting up again much earlier than other countries, will see its economy recovery only slowly from its first quarterly contraction since current records began.
The Confederation of Indian Industry said it expected India’s economy to slow down considerably, with its estimate ranging from a contraction of 0.9 per cent to a growth of 15 per cent, in the current financial year due to the Covid-19 outbreak and the subsequent lockdown.
Given the extent of damage to the economy from disruption to business, GDP growth in FY21 will likely be the lowest in many decades. Hope the government would roll out bailout packages, in addition to the ones it announced already.