The wheel of economic activity has begun to slow down between the second rapid spread of Coronavirus and the lockdown imposed to overcome it. Due to this, the growth rate of the country’s gross domestic product (GDP) can remain below 9 percent during the current financial year. It has been said in a survey. In this survey conducted by Care Ratings Agency, 80 percent of respondents said that due to the current situation of COVID-19, demand and investment of non-essential goods can have a profound impact.
He says, the cases of infection are reaching record highs, in such a situation, the pace of improvement in the economic sector is slowing down. Nearly seven out of every 10 people who answer are expecting GDP growth to be below 9 per cent in FY 2021-22.
Lockdown may continue till the end of May
According to the survey, most people believe that the lockdown imposed by various state governments will remain till the end of May. Overall 54 per cent of the people participating in the survey believe that the lockdown is the only diagnosis of the current state of COVID-19 in the country. However, more than three-quarters also believe that the current lockdown is not as stringent as last year.
GDP growth may decline to 9.8%
Another agency Crisil said that India’s GDP growth rate could fall to 9.8 percent under normalcy. This will happen when the second wave of Corona virus reaches its peak in May and comes down. But if it continues till the end of June, then the pace of economic growth will reduce further to 8.2 percent.
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