Economic impact of COVID-19 in India
The COVID-19 pandemic has set foot in India as across the globe and created impact all over the world's economy across all most all industries in most of the countries. The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. After the announcement of the economic package India's GDP were downgraded even more to negative figures.
The impact of Covid-19 in India economy has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser reported to the Government of India that this drop is mainly due to the Covid-19 pandemic effect on the Indian economy.
The World Bank and other rating agencies had initially revised India's growth for fiscal year 2021 with the lowest figures which India has seen in three decades since India's economic liberalization in the 1990s.