to May 3, with some relaxations for specified sectors.
According to the SBI Ecowrap report, the extension of the lockdown
would result in economic loss of Rs 21.1 trillion or 6 per cent of the nominal Gross Value Added (GVA).
“With the lockdown
being extended till May 3 and simultaneously government providing some relaxations from April 20, we estimate the overall loss for FY21 around Rs 12.1 trillion/6 per cent of nominal GVA taking the nominal GVA growth for entire year to be around 4.2 per cent.
“Nominal GDP for FY21 could be lower/closer to 4.2 per cent, as there is a strong possibility of subsidies outstripping tax collections. However, taking nominal GDP growth at 4.2 per cent, the real GDP growth for FY21 would be around 1.1 per cent," said the report.
The lockdown, the report said, will have a significant impact on several macroeconomic parameters.
Quoting PLFS survey 2017-18, the report said, there are 37.3 crore workers engaged as self-employed, regular and casual workers, with share of self employed at 52 per cent, casual worker at 25 per cent and the rest engaged as regular wage earners and others.