The Indian Economy Was Moving Towards Growth
The Indian economy was moving towards economic growth before the second wave of Corona.The Indian economy was gaining momentum, now forecast a downward trend: Survey.
The Indian economy was moving towards economic growth in the last three months from January to March quarter.
But after the second wave of COVID-19 in the country last month, economists are very disappointed with the growth in this quarter.
According to an average forecast by a Reuters poll of 29 economists, GDP in Asia’s third-largest economy grew 1 percent in March, an increase of 0.4 percent from the previous quarter.
According to the survey, this happened when India was getting out of the epidemic.
But forecasters forecast a decrease in economic growth for months to come from the second wave of Corona infections and deaths spread across the country.
The average forecast for April-June growth is 21.6 percent, which is lower than the 23 percent estimate a month ago.
In view of the increasing case of Covid, most of the industrialized states decided to implement lockdown, leaving millions of people out of work.
By March 2022, economists lowered their average forecast from 10.4 percent to 9.8 percent.
Twenty-two million 79 million cases of COVID-19 infection have been reported and 325,972 deaths in India, although now the cases have started coming down and the death rate has also come down.
The administration of Prime Minister Narendra Modi says that the economic impact will not be as severe as last year, as this time the lockdown has been relaxed and the growth in manufacturing and exports is high.
But Dun & Bradstreet’s global chief economist Arun Singh said that downside risks to growth were rising, as the second wave made the return of pre-pandemic growth rates difficult.
On the other hand, the Modi government in the country is facing criticism due to the slow pace of its four-month-old vaccination campaign.
In fact, out of India’s 1.38 billion people, less than 4 percent have been vaccinated so far. If vaccination is not speeded up, it can become more difficult in the coming time.
A warning of the third wave has also been issued in the coming time.
