COVID-19: Nationwide Lockdown Severely Affects Indian Economy; GDP Down By 23.9 Per Cent
The lockdown imposed to curb the spread of Coronavirus has adversely affected many businesses causing a serious economic downfall in India.
India is one of the worst affected nations by the novel Coronavirus pandemic, with the GDP (Gross Domestic Product) down by 23.9 per cent for the April to June quarter. According to news reports, the lockdown imposed to curb the spread of the dangerous virus has adversely affected many businesses in India. This has directly impacted the economy. Moreover, due to the pandemic, lakhs of people have lost their jobs and livelihood.
Economic experts also claim that India has never experienced such contraction in at least four decades. While the Coronavirus pandemic has affected every other country in the world, the scale of economic contraction in India is much bigger than almost any comparable country. Several economists are of the view that India’s economic downfall is the result of the unplanned imposition of lockdown.
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