The world’s biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people,The world’s biggest lockdown may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
With the intent to contain the spread of COVID-19, Prime Minister Narendra Modi with effect from March 25 announced a nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate,From Economics Times News.
“Nationwide complete lockdown is likely to shave off at least Rs 7-8 trillion,” it said.
Acuite Ratings & Research Ltd earlier this month estimated that the lockdown will cost the Indian economy almost USD 4.64 billion (over Rs 35,000 crore) every day and the entire 21-day lockdown will result in a GDP loss of almost USD 98 billion (about Rs 7.5 lakh crore).
The rapid spread of COVID-19 has not only disrupted the global economy but also triggered a partial shutdown in in many parts of India from early March and an almost complete shutdown from March 25.
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