The lockdown in India has been extended until May 3. The economy is hurt during a 21-day lockdown to prevent the corona virus epidemic from spreading in the country. Analysts and industry boards have predicted that the 21-day lockdown could impact India's staggering economy by Rs7-8 lakh crore.
Most of the factories and businesses remained closed in the lockdown. Flights from the Indian Railways are suspended. Also, the movement of vehicles and people has also been banned.
The country's economic activities stalled
The lockdown of 21 days from March 25 has halted 70 percent of economic activity, investment, exports and consumption of products other than essential commodities. Only agriculture, mining, utility services, some financial and IT services and public services have been allowed to work.
In this context, the Central Institutional Research has said that this epidemic came at a time when the Indian economy was showing signs of revival after bold fiscal and monetary measures. The organization said, "The nationwide bandh is expected to cause a loss of seven to eight lakh crore rupees to the economy."
Earlier, Acute Ratings and Research Limited had estimated that the Indian economy is losing more than $ 4.64 billion, or more than Rs 35,000 crore per day, during the 21-day shutdown. In this way, the gross domestic product (GDP) will suffer a loss of $ 98 billion, or about 7.5 lakh crore rupees.
They may lose one lakh crore rupees
All India Motor Transport Congress (AIMTC) General Secretary Naveen Gupta said that on the basis of loss of Rs 2,200 per day of a truck, the loss of the first 15 days in the truck transport services business has reached about Rs 35,200 crore. He said that more than 90 per cent of the 10 million trucks in the country are missing from the roads. Only essential commodities are being transported from one place to another.
Gupta had said, "Even if the lockout is lifted, it will take at least two to three months for the trucks to come back to normal functioning." AIMTC represents 93 lakh transporters and truck drivers, At the same time, according to the National Real Estate Development Council (NREDC), an organization of realty companies, has estimated a loss of one lakh crore rupees in the area. NREDC President Niranjan Hiranandani told, "According to me, there could be a loss of one lakh crore rupees at the all India level."
Loss of two lakh crore rupees to this business
At the same time, merchant organization CAT estimates that in the second fortnight of March, the nationwide bandh for corona virus epidemic and its prevention has caused a huge loss of $ 30 billion in retail business. There are 70 million small, medium and large businesses in the country's retail sector. Meanwhile, several international agencies have lowered the country's economic growth forecast for 2020-21.
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