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EFFECT OF COVID-19 ON ECONOMY

INTRODUCTION:-


About eight months ago, we detected of a mysterious Virus named as CORONA VIRUS that was inflecting respiratory disease like a symptom and these days, as we all know most of the countries has been in a standstill position. Approximately more than a third of the planet's is under in lockdown due to COVID-19 Pandemic.

In the lockdown, several sectors are affected. If the imprisonment extends, matter will worsen in the Republic of India. India's gross domestic product (GDP) growth fall 3.1% in the fourth quarter of FY20 compared to 4.1%  in the preceding three months. A Bloomberg poll of 36 economists had estimated fourth quarter GDP growth at 1.6%, GVA was pegged at 1.8% according to 22 eonomists.

EFFECT OF COVID-19


  • The economic effect of the 2020 coronavirus pandemic in indis's has been mostly unquiet. The World Bank and rating agencies had initially downgraded india's growth for the year 2021 with very cheap figures india has seen in 3 decades since india's economic librralization within the 19s.  However, once the announcement of the economic package in mid-May, India's GDP estimates were downgraded even a lot of to negative figures, signalling a deep recession.

  • The indian economy was expected to loss over ₹32000 crores on a daliy basis throughout the primary 21-days of complete lockdown, that was declared following the coronavirus outbreak. Under complete lockdown 1/4 of india's $2.8 trillion economic movements was functional.

  • Up to 54% of companies within the country were projected to be considerably affected.Supply chains are put to sleep stress with the lockdown restrictions in place.

  • A large no. of farmers around the country are facing uncertainty Numerous businesses like hotels and airlines more many private sector are cutting salaries and laying of employees.

  • Stock market in India denote their worse loses in history.


ESTIMATED IMPACT FROM COVID-19 ON INDIA BETWEEN APRIL AND JUNE 2020

           ECONOMIC SECTORS 
         GROWTH  RATE
1. Financial,real estate and professional service 
-17.3%
2. Electriciy, Gas, water supply and other utility
    Services
-13.9%
3. Trade, Hotels, Transport, Communication
  and Brodcasting services
-9.7%
4. Construction and Mining
-13.3% and -14.7%


CONCLUSION


  • The effect of coronavirus epidemic will spread at least over the next 2-3 quarters. Heavy sell-off in equity markets. Global supply affected due to lockdown in china. China's manufacturing and consumption have gone down drastically.
  • All the industry will see a growth except a couple and i think it might include food and meat, tourism, construction industry.

MOST AFFECTED SECTOR DUE TO COVID-19

  • TOURISM
  • AVIATION
  • POULTRY AND MEAT
  • REAL ESTATE
  • HOSPITALITY
  • RESTAURANTS
  • ENTERTAINMENT
  • JEWELLERY
  • FASHION

MODERATELY AFFECTED SECTOR DUE TO COVID-19

  • BANKING
  • CONSULTING
  • CHEMICALS
  • TRADING

LEAST AFFECTED SECTOR DUE TO COVID-19

  • EDUCATION
  • DAIRY PRODUCTS
  • HEALTH AND INSURANCE
  • FOOD
  • WELLNESS
EFFECT OF COVID-19 ON ECONOMY EFFECT OF COVID-19 ON ECONOMY Reviewed by onlinemitr on 15:09 Rating: 5

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