Coronavirus

Corona Crisis To Push 120 Million Indians Into Poverty Leaving 135 Million Unemployed: Reports

New Delhi: The coronavirus pandemic in the country has put a halt on the industrial sector. The loss of business amid the lockdown has triggered revenue cuts, causing a spike in lay-offs.

According to a new report by international management consulting firm Arthur D Little, the COVID-19 crisis is likely to push 120 million Indians into poverty leaving as many as 135 million unemployed.

The reason for this unprecedented situation is the reduced per-capita income, causing a decline in the country’s Gross Development Product (GDP), the report said.

“Given the continued rise of COVID-19 cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22,” ET quoted the report.

While the report praised the central government’s efforts to boost the economy, it predicted an opportunity loss of USD 1 trillion for the Indian economy.

For reviving the economy, the report emphasized on stimulating the small companies, assistance to the most vulnerable, besides focusing on the rural economy.

“India should focus on ‘Make in India 2.0’ targeting global investments. It needs to strengthen its banking and financial system to bring the economy back on track,” the report added.

Also Read: PM’s Meet With CMs: Naveen Proposes National SOP To Reboot Economy

OB Bureau

Recent Posts

When A ‘Powerful Man’s Wife’ Broke Into Varun Dhawan’s House To Elope With Actor!

Mumbai: Bollywood celebrities have often had funny, at times bizarre experiences, mostly involving hero-worshipping, demanding fans.…

8 hours ago

Jatra Party Owner Arrested For Duping Actress Of Over Rs 8 Lakh In Bhubanewar

Bhubaneswar: Police have arrested the owner of a Jatra (theatre) group for allegedly duping an…

8 hours ago

How Punjab Farmers Have Paved The Way For Revival Of Organic Desi Cotton

Sanskriti Talwar Faridkot (Punjab): For the third consecutive year, Balwinder Singh of Mallan village in…

8 hours ago

Rain May Play Spoilsport During Christmas & New Year Celebrations In Odisha

Bhubaneswar: Rain may play spoilsport in Christmas and New Year celebrations in Odisha as the…

9 hours ago

Now, Amazon Prime Cracks Down On Password Sharing; Check Out Details Here

New Delhi: Netflix showed the way, Amazon Prime Video is following in their footsteps. Come…

9 hours ago

[Watch] Allu Arjun’s House Vandalised By Protesters Over ‘Pushpa 2’ Stampede; Know Their Demands

Hyderabad: Allu Arjun’s woes keep mounting. In a worrying development, protesters stormed Allu Arjun’s Jubilee…

9 hours ago

This website uses cookies.