Corona Crisis To Cost India Nine Lakh Crore?

The whole world is in a state of distress like never before. To mitigate the danger, Prime Minister Narendra Modi had announced the Nationwide Lockdown for Three Weeks. As of today, we do not know what happens after the 21 days. Meanwhile, Analysts say this Lockdown will have a devastating effect on the Economy.

They are pegging the cost of the lockdown at $120 billion (approximately Rs 9 lakh crore) or 4 percent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package. All the businesses were shut down and the government revenues have registered a steep downward trend.

It is like there is no sector that is not affected by this crisis. There is already a bloodbath in the Stock Markets and years of hard work had gone down the drain. The cost of the three-week nationwide lockdown to be alone at $90 billion. The onus is on the Central Government to announce a stimulus package that includes soft loans to smaller businesses, loan restructuring, and cash transfers.

Things are far worse across the other countries of the World. 2020 had already witnessed mayhem and the worst part of this crisis is that no one is aware when the normalcy will be restored.