The world’s biggest lockdown which was implemented to contain the spread of the deadly coronavirus may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
As per reports, firms like Centrum Institutional Research feels that the nationwide lockdown could have led to a loss of Rs 8 trillion to the Indian economy and the country is likely to face slow economic growth in the next financial year.
According to the National Real Estate Development Council, the real estate sector may have lost at least Rs one lakh crore during the 21 day nationwide lockdown.
The Confederation of All India Traders estimates the losses incurred by the retail trade of the country in the second half of March due to the COVID-19 pandemic were a massive USD 30 billion.
Moreover, a host of reputed international agencies have cut India’s growth estimate for the next year due to concerns about the fallout of the COVID-19 outbreak.
Apart from the operations of essential services, almost all sectors were shut down from functioning during the 21-day lockdown period which started from March 25.
Meanwhile, Prime Minister Narendra Modi on Tuesday extended the country-wide COVID-19 lockdown till May 3 next.
He said the states will be closely monitored till April 20.
If in some regions, it is found that the pandemic has almost no impact, some relaxations will be given after due consultation, he added.