Coronavirus has severely affected the Indian economy. Due to which the income of the common man has decreased a lot. The Indian economy is projected to fall by 10% or more during the first quarter of the financial year 2020-21 ie from April to June. Singapore's banking group DBS has predicted this. According to the DBS report, the decline in GDP during April to June can be in double digits.
In its statement, DBS further stated that the GDP data for the current and future quarters are estimated on an immediate basis through a calculation model of internal GDP. According to the report, there will be a slight improvement in the economy during the second quarter i.e. July to September.
Economist Radhika Rao of DBS Group said, "The economy is predicting such a big drop suddenly due to the coronavirus epidemic." The decline in production due to Covid-19 is difficult to compensate for the remaining time of the year. DBS stated in its report that there will be uncertainty in the second half of 2020 due to non-control of coronavirus infection. Rao said that if the cases of coronavirus infection remain high in the third quarter of 2020, then the growth rate in 2020 will be negative and the growth rate will decline by 4.8 percent on an annual basis.
Also Read-
India's future rests on public sector companies: Nirmala Sitharaman
Jeff Bezos can become first person with property of one trillion dollars by 2026