COVID-19: Impact on Economic Sectors in India

COVID-19: Impact on Economic Sector in India has been hugely disruptive. World Bank and credit rating agencies have downgraded India's growth for Financial Year 2021 with the lowest figures India has seen in three decades since India's The former Chief Economic Advisor to the Government of India has said that India should prepare for a negative growth rate in Financial Year 21 and that the country would need a 70 lakh cror (US$980 billion) stimulus to overcome the contraction However, the International Monetary Fund projection for India for the Financial Year 2021-22 of 1.9% GDP growth is the highest among G-20 nations. Within a month unemployment rose from 6.7% on 15 March to 26% on 19 April During the lockdown, an estimated 140 million (140 million) people lost employment. More than 45% of households across the nation have reported an income drop as compared to the previous year.[Indian Government extended the date lockdown to 31th May, 2020.