followed suit: consumer demand evaporated, investment dried up, exports collapsed, trade shrunk, the aviation industry and automakers slumped.in the Hindustan Times that “the lockdown has exposed fault lines in society, and the extreme vulnerabilities of most Indians.”of $265 billion on May 12 to help weather the fallout of the pandemic.
Amounting to 10 percent of GDP, the government aims to revive the economy with a slew of fiscal stimulus directives and sectoral reforms. Aiyar cautioned that “reforms are necessary but, first, India needs to repair as an economy, a society and a democracy.”According to a, it predicts that Asia’s third-largest economy would shrink by 5 percent in the current fiscal year, adding that India must brace for its “4th and perhaps worst recession to date” whereby “about 10 percent of GDP in real terms could be permanently lost.”
“Not only will the first quarter be a washout for the non-agricultural economy, services such as education, and travel and tourism among others could continue to see a big hit in the quarters to come. Jobs and incomes will see extended losses as these sectors are large employers,” the report added., Modi made no mention of containing the virus nor flattening the curve. Instead, he urged Indians to learn to adapt to their new reality.
“Corona will remain part of our lives for a long time,” he said. “But we cannot allow our lives to be confined only around corona.”
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