Lest we forget

The partial or complete shutdown in major economies, including the US, Europe and China, stringent restrictions on international trade and the movement of people, including social distancing, has impacted India negatively. On March 24, Prime Minister Narendra Modi announced a 21-day national lockdown. Unless a medication for the coronavirus is found soon, it is likely that in fiscal 2020-21 Indian gross domestic product (GDP) would shrink by 5 per cent or more in real terms. The underlying assumption is that India would lose a month’s economic output due to the ongoing shutdown.  .....

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