India met the biggest drop in GDP of -23.9% first time in last 24 years, and it is strongly predicated that it will still continue to fall in upcoming next 3 months. Due to lockdown, GDP met the loss of Rs. 8.75 Lakh Cr. in last three months.
Strict lockdown in country has directly impacted upon the economic activities of the nation. Initial economic period of India 2020 has been remained negative whereas in the comparison to it in the earlier months of 2020 when the GDP was recorded as 3.1%. Let us try to understand the present scenario with facts…
If we talk about the GDP of our country at global level then India has topped in the list of lowest GDP worldwide. Before India the lowest GDP was recorded as -20.9% of United Kingdom. And because such a huge fall or drop in GDP it is obvious that the GDP of India will remain negative throughout the year. Also let compare our present status with other leading economies as well
The construction sector has faced major loss with drop of -50.3% whereas the sectors farming & agriculture and Financial or Real Estate has barely or not at all loss with 3.4% and -5.3% respectively.
Economists were already mentioning that because of Lockdown and novel Corona virus economies are definitely going to face a drop in GDPs . So let us now watch that - what the present government will do for taking the nation’s economy back to its track….
Credit: Hiren Momaya