The worst is yet to come for India’s slowing economy
India reported that its Gross Domestic Production, GDP, grew 3.1% in the Jan-Mar quarter this year. It was the weakest quarter in eight years, at least. However, this reflects only a few days of the nationwide lockdown to cope with the Covid-19 pandemic.
The initial nationwide lockdown for India’s 1.3 billion people came into effect on March 25. Only essential activities are allowed in containment zones. The movement of passenger vehicles and buses is permitted only in non-containment zones. Air travels, either domestic or international, remain prohibited except for authorized purposes. People aren’t allowed to go out between 7:00 pm and 7:00 am except for essential purposes. All schools, theaters, malls, places of worship remain closed. No business, no jobs. Thousands of migrant workers left cities to go homes in their rural villages. People’s movement especially by railways, tourism, auto manufacturing, and Bollywood have all been badly hit by the lockdown for the last two months and at least for the next few weeks. So, you can easily predict show sharp economic shrink in the Apr-Jun quarter. When will the Indian government reverse the gear? How long will it take for Asia’s third-largest economy to show a recovery?
Enjoy reading the article and learn about the impacts on India’s economy.
Dear MEL Topic Readers,
The worst is yet to come for India’s slowing economy
India reported that its Gross Domestic Production, GDP, grew 3.1% in the Jan-Mar quarter this year. It was the weakest quarter in eight years, at least. However, this reflects only a few days of the nationwide lockdown to cope with the Covid-19 pandemic.
The initial nationwide lockdown for India’s 1.3 billion people came into effect on March 25. Only essential activities are allowed in containment zones. The movement of passenger vehicles and buses is permitted only in non-containment zones. Air travels, either domestic or international, remain prohibited except for authorized purposes. People aren’t allowed to go out between 7:00 pm and 7:00 am except for essential purposes. All schools, theaters, malls, places of worship remain closed. No business, no jobs. Thousands of migrant workers left cities to go homes in their rural villages. People’s movement especially by railways, tourism, auto manufacturing, and Bollywood have all been badly hit by the lockdown for the last two months and at least for the next few weeks. So, you can easily predict show sharp economic shrink in the Apr-Jun quarter. When will the Indian government reverse the gear? How long will it take for Asia’s third-largest economy to show a recovery?
Enjoy reading the article and learn about the impacts on India’s economy.
https://edition.cnn.com/2020/05/29/business-india/india-gdp-intl-hnk/index.html
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