This year, governments across the world had a difficult choice thrust upon them. Covid-19 allowed them to save either the maximum number of their citizens’ lives or the highest number of their livelihoods. Like most, the Indian government chose the former. In doing so, it faced one of the most challenging situations the country has seen post-Independence— the economy spiralling deeply into the red. While most analysts say that the bad run will be limited to a few quarters, ruling out a full-blown recession, there is no getting away from the fact that India’s growth rate is deeply in negative territory. And while there are debates over the size of the impact—whether the country’s growth rate has fallen by five per cent or much more—the economic damage done by the nationwide Covid-19-induced lockdown and the subsequent localised lockdowns in some areas has indeed been enormous.
This story is from the August 17, 2020 edition of India Today.
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This story is from the August 17, 2020 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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