India's aspiring Middle Class impacted by economic devastation caused by coronavirus pandemic
Reportedly when the novel coronavirus first emerged in the Chinese city of wuhan last year, little did indians imagine that the virus would hurt them so bad? Before the pandemic hit india, the country was already witnessing a surge in economic hardships unemployment was at a four-decade high, key indicators signaled a prolonged slowdown and companies were periodically laying off employees since mid-2019.All of the country’s existing economic problems accelerated sharply since april 2020 after the government announced a lockdown the strictest in the world on march 25. The pandemic came as a crushing blow to the dreams of millions of middle class people in india and worsened India’s economic woes since early 2020.
For decades, India’s vast middle class population has been a key engine to drive the economy, contributing to the growth of several sectors. This correlation is the reason why the coronavirus pandemic has toppled the country’s growth trajectory. Key data sets on demand, employment and household incomes show how badly the virus-induced slowdown impacted India's middle class. Data from the Centre for Monitoring indian Economy, a Mumbai-based think tank, showed that the incomes of India’s middle class have been worst hit by the pandemic and it could worsen if the situation does not improve.
For decades, India’s vast middle class population has been a key engine to drive the economy, contributing to the growth of several sectors. This correlation is the reason why the coronavirus pandemic has toppled the country’s growth trajectory. Key data sets on demand, employment and household incomes show how badly the virus-induced slowdown impacted India's middle class. Data from the Centre for Monitoring indian Economy, a Mumbai-based think tank, showed that the incomes of India’s middle class have been worst hit by the pandemic and it could worsen if the situation does not improve.