India Hit by Recession After Decades
India hit by recession after decades as Covid-19 continues and heavily affects Asia's third-biggest economy, which will be really difficult to recover from.
India hit by recession after decades as Covid-19 continues and heavily affects Asia’s third-biggest economy, which will be really difficult to recover from.
According to the official data published, the gross domestic product of the country fell by 7.5% during the period of July – September, compared to the same period last year, when the county’s economy was rising by more than 4%.
“With a view containing the spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential during the first quarter,” the Indian Ministry of Statistics said in a statement on Friday. “Though the restrictions have been gradually lifted, there has been an impact on economic activities.”
The lockdown in the whole country of 1.3 billion left a large number of people jobless in a day. Although the relaxation measures have been deployed even as the coronavirus continues to ruin the country, which has registered more than 9.3 million infections and over 135,000 deaths.
In a speech on Thursday, central bank governor Das warned that the recent rise in the cases and the threat of more lockdowns pose further risks to the economy.
Although the manufacturing sector tried returning to growth, still the services sector tolerated a second large amount of decline. Government consumption also fell sharply in part because of an “inadequate fiscal response to the crisis,” said senior India economist at Capital Economics, Shilan Shah.
While the AstraZeneca vaccine is good news for India as it will be produced locally and sold in exchange for large amounts. Although India hit by recession after decades but now this vaccine is really going to help the country’s economy.
“The vaccine is the most encouraging sign yet that India has a route to ending its Covid-19 epidemic and the social distancing that continues to weigh on the economy,” Shah added in a research note.
Runway Pakistan is a complete solution provider for all your marketing communications related requirements. The ultimate hub of infotainment – Runway composes of all the key offerings – Monthly Print Magazine, Digital Magazine, Media Production, Creative Agency, PR Agency, and Marketing Consultancy that a brand needs to be seen, heard, and known!
Like and follow our Facebook page: