Business experts say Loss of 9 lakh crore rupees possible to the economy due Covid 19, Urge the government to announce Economic package
Business experts believe that the closure of the country to prevent the infection of the coronavirus can result in a loss of $ 120 billion (nine lakh crore rupees) to the economy which is four percent of the GDP of India.
Narendra Modi, Prime Minister of India has announced a complete lockdown of the country to fight the coronavirus. He announced a 21-day nationwide lockdown that is three weeks to prevent the spread of the coronavirus infections in the country.
Business experts emphasized the need for an economic relief package. An industry expert said that the Reserve Bank of India is scheduled to hold its next bi-monthly monetary policy review meeting on April 3. It is estimated that the Reserve Bank will make a big cut in the policy rate.
A research-consulting company, Barclays, has predicted a growth rate of 3.5 percent for the financial year 2020-21 to be 3.5 percent. Barclays also said that we estimate that the value of a nationwide detainee could be around $ 120 billion, or four percent of GDP.
Barclays said that the three-week lockdown, the central government would result in a loss of $ 90 billion. In addition, many states like Maharashtra have already been imprisoned, it will also cause damage.
The domestic research-consulting company congratulated the government of India for taking quicker steps than other countries to prevent the spread of the coronavirus infections in the country and also said that the government of India has taken measures to reduce the economic losses.
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The company described giving small loans to small companies, restructuring loans and cash transfers as possible measures for the government’s package. The company also said that it will have the greatest impact on the unorganized sector that has suffered double the demonetization and Goods and Services Tax (GST).