The second wave of Corona has a bad impact on the country’s economy, the rating agency CRISIL warns …
The Corona epidemic has also severely affected the country’s economy. From Wednesday, lockdown will take place in almost the whole of South India. Lockdown in big states of economically important country is affecting the business and economy badly. Renting agency Crisil said in its latest report that India’s GDP growth rate could fall from the earlier estimated 11% to 8.2%. To deal with the growing crisis of Corona, the Chief Minister of Telangana on Tuesday announced a 10-day lockdown in the entire state from 10 am on Wednesday. Now apart from Telangana, almost the entire South India, including Tamil Nadu, Kerala and Karnataka, which are economically important, will be in lockdown for the next few days.
The effect of this lockdown is getting deeper on the economy. CRISIL, an Indian economy watchdog, warned in its latest report that by the end of May 2021, the growth rate of GDP will fall from an estimated 11% to 9.8% if the Corona wave reaches its peak (peak). The report further states that if the Corona wave reaches peak (peak) by the end of June 2021, GDP growth will fall from an estimated 11% to just 8.2%. According to Crisil, the lockdown during the second wave of corona is lower than the first wave but its frequency is higher. The rating agency has retained the base forecast of GDP at 11% but has predicted to fall below that.
Federation of India Micro and Small and Medium Enterprises (FISME Secretary General) Anil Bhardwaj told NDTV, “The second wave of Corona going on has hit the small and medium enterprises very badly. If the lockdown of one month has been imposed, then how will MSME units be able to make payments, how will they be able to pay the workers. CRISIL is the second Indian rating agency to have predicted a fall in the earlier estimated GDP rate. Earlier, India Ratings & Research said that if the corona cases start decreasing by mid-May, then the GDP growth rate will come down to 10.1%. Obviously, the clouds of Corona crisis are deepening on the economy.
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