CORONAVIRUS-IMPACT ON GLOBAL ECONOMY
The confirmed cases of the COVID-19 pandemic are continually rising all over India, with an average rate of growth of 23%. The government fears that India is approaching the exponential part of the epidemic curve where there will be a sharp rise in the numbers. Hence, adverse measures like the ‘Janata Curfew’, the 21-day lockdown of the country, and closing down of businesses except for the essential services to contain the spread, were necessary.The economic effects of these measures and the COVID-19 pandemic, in general, are going to be widespread and far worse. Here is how the pandemic might impact the Indian economy. 1. GDP growth rate is expected to decrease. According to Nomura, the Tokyo-based financial services group, the shutdown as a result of Coronavirus could result in a direct output loss of about 4.5%. Major companies like India Cements, BHEL, automakers like Hero MotoCorp and Maruti Suzuki and ancillaries like Amtek and Castrol have announced temporary shutdowns. Ev...
