Lockdown may cost Indian Economy Rs 7 to 8 Lakh Crore
Reportedly PM narendra modi has announced a 21-day lockdown with the effect from march 25 to contain the spread of deadly coronavirus. With this lockdown, the majority of factories and businesses have been shut. The movement of vehicles has been restricted, stopped trains and suspended flights. The lockdown may have cost the indian economy Rs. 7 to 8 lakh crore. The nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Some of the services were allowed to operate and the list includes, agriculture, mining, utility services, some financial and IT services and public services were allowed to operate.
Analysts and industries bodies said that the pandemic came at the most inopportune time for india whose economy was showing signs of recovery after bold fiscal/monetary measures, Centrum Institutional Research said the country again stares at the possibility of low single-digit growth for FY2021 (April 2020 to march 2021). Earlier this month, Acuite Ratings & Research Limited estimated that the lockdown will cost the indian economy almost USD 4.64 billion (over Rs. 35,000 crore) every day and the entire 21-day lockdown will result in a GDP loss of almost USD 98 billion (about Rs7.5 lakh crore).
All india Motor Transport india NATIONAL CONGRESS' target='_blank' title='congress-Latest Updates, Photos, Videos are a click away, CLICK NOW">congress (AIMTC) secretary-general naveen Gupta told that nearly Rs. 35,200 crore losses happened to truckers in the first 15 days of lockdown. A loss of Rs. 2,200 per truck per day is reported. He further added that, “More than 90% of about one crore trucks in the country are off roads during the lockdown as truckers with only essential commodities are on the move. Even if the lockdown is lifted, it will take at least 2 to 3 months for truckers to limp to some normal scale as we apprehend the consumption of non-essential items to remain hit on the account of lack of purchasing power.”