Covid Effect on Indian Economy: According to the RBI report, the economy has suffered a loss of about Rs 52 lakh crore in three years during the pandemic, which will take 12 years i.e. till the financial year 20234-35.
Covid Effect on Indian Economy: The economy around the world including India has suffered a major setback due to the Corona epidemic. Economic activities are slowly getting back on track, but according to the central bank RBI, it may take more than a decade for the Indian economy to recover from the shock of the Corona epidemic. RBI has estimated this in its report. According to this report, the economy has suffered a loss of about Rs 52 lakh crore in three years during the epidemic, which will take 12 years i.e. till the financial year 20234-35. RBI has made this estimate in the ‘Scars of the Pandemic’ (Corona mark) chapter in the report prepared on Currency and Finance for the financial year 2021-22.
Negative effect of many waves on the economy
According to the central bank, due to several waves of corona epidemic, there was a negative effect on recovery. After a sharp decline in the first quarter of the financial year 2020-21, the economy recovered again, but in the first quarter of the financial year 2021-22, the second wave again gave it a major setback. Similarly, the third wave in January 2022 also hit the recovery process.
Russia-Ukraine war slows recovery pace
According to the RBI report, economic activities were gradually returning on track, but the war between Russia and Ukraine once again gave it a jolt. Due to the fight between these two countries, supply chains were affected globally and commodity prices started rising. It had a negative effect on the economy.
The situation is expected to improve by the financial year 2034-35
From FY 20212-13- to 2019-20, the economy grew at 6.6 per cent CAGR (Compound Annual Growth Rate) and if slowdown years are taken out, then between FY 2012-13 to FY 2016-17 at 7.1 per cent CAGR. Enhanced. The growth rate was (-) 6.6 percent in the financial year 2020-21, 8.9 percent in the financial year 2021-22 and now 7.2 percent in the financial year 2022-23 and then 7.5 percent after that, then the loss caused by Corona , it will be compensated by the financial year 2034-35. (Input: PTI)