According to a Barclays report, putting a lockdown in major cities will cause major damage to India’s economy.
According to the data released by the Union Ministry of Health, till now the cases of infection in the country have reached 1.37 crore. At the same time, 1,71,058 people have died due to pandemic in the country. Cases of infection are increasing daily in various states. Maharashtra accounts for 48 per cent of the total cases.
India is now at the forefront of the world in new cases of infection. Now India has left the second and third most affected countries America and Brazil. The country received 1.62 lakh cases of infection on Tuesday and 879 people died. According to the data released by the Union Ministry of Health, so far corona virus infection cases have reached 1.37 crore in the country. At the same time, 1,71,058 people have died due to pandemic in the country. Cases of infection are increasing daily in various states. Maharashtra accounts for 48 per cent of the total cases. Apart from this, due to the sharp increase in the cases of Kovid-19, movement has been banned in Delhi.
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On a quarterly basis, the loss will be much biggerBarclays said that during the last few days, lockdown and movement curbs and night curfew have been imposed in important economic centers of the country. This will cause a loss of $ 1.25 billion to the country’s economy in a week. A week ago, the economy was losing $ 52 million on a weekly basis. Barclays said that if seen on a quarterly basis, the loss would be much larger. This will result in a fall of 1.40 percent in GDP.
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Staying till the end of May, there will be a lot of damage
According to Barclays India Chief Economist Rahul Bajoria, if the controls imposed by Kovid-19 remain till the end of May 2021, we estimate the economy will lose a total of $ 10.5 billion, or 0.34 per cent of GDP at market price. This report has been written by Bajoria and Shreya Sodhani. Bajoria said that the economy will suffer more in the first quarter. This would result in a loss of 1.40 percent of GDP at current prices. The report says that if the current marks remain for two months, then at the current price, there will be a decline of 0.34 per cent in GDP and 0.20 per cent in real GDP.