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Indian economy, hit by Covid-19, shrinks by 7.3 percent in 2020-21 | business
India’s new economy, Delhi, pumped by the coronavirus pandemic, contracted by 7.3 percent in fiscal year 2020-21, shortly before the country was hit by another catastrophic rise in infections.
The economy grew at an annual rate of 1.6 percent in the January-March quarter, according to figures released by the government on May 31, but that recovery was stifled by a resurgence of infections in March. New daily cases set global records, prompting many states to announce widespread restrictions and blockades.
New cases and deaths have recently begun to fall, but most of the country is still under some form of closure, with many industries and businesses unable to restart work.
In January, a government poll estimated that the economy – previously one of the fastest growing among major nations – would shrink, expanding 11% in the current fiscal year, which began in April. But some rating agencies say growth is likely to slow to about 10 percent due to the most recent increase in COVID-19 cases.
On May 31, India registered over 150,000 new cases and more than 3,000 deaths. Overall, the country has the second highest number of infections, after the United States, with more than 28 million confirmed cases and nearly 330,000 deaths. Both figures are believed to be large sub-calculations.
After recording a daily peak with over 400,000 new cases in May, experts say infections appear to be easing, particularly in the capital, New Delhi and Mumbai. But there is concern that the virus may still be rampant in poorer villages, where access to health care is more limited.
Although many states and cities remain under blockade, some have begun to ease the curb of some types of economic activity. New Delhi Prime Minister Arvind Kejriwal has extended the current blockade until June 7, but announced that manufacturing and construction activities could resume from Monday with health measures in place.
We need to maintain a balance between controlling the spread of COVID-19 and allowing economic activity, Kejriwal said at a virtual news conference on May 28, according to India’s Press Trust news agency.
Kejriwal said the blockade will be gradually lifted, with a particular emphasis on helping the most vulnerable, such as day laborers and migrant workers, many of whom work in factories and construction sites. Many such workers were left unemployed overnight when the government imposed a sudden blockade in March last year, causing great concern.
India’s economy grew at an annual rate of 0.4 percent in the October-December quarter, as two consecutive contractions pushed the country into a recession last year.
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