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<p style="text-align:justify"><em>The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.</em></p>
<p style="text-align:justify">From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates, in the second quarter of the 2020-’21 financial year (July-September 2020), the economy contracted by a further 7.4%, with the third and fourth quarters (October 2020-March 2021) seeing only a weak recovery, with GDP rising 0.5% and 1.6%, respectively. This means that overall rate of contraction in India was (in real terms, adjusted for inflation) 7.3% for the whole 2020-’21 financial year.</p>
<p style="text-align:justify"><em>Worst ever economic performance</em></p>
<p style="text-align:justify">In the post-Independence period, India’s national income has declined only four times before 2020 – in 1958, 1966, 1973 and 1980 – with the largest drop being in 1980 (5.2%). This means that 2020-’21 is the worst year in terms of economic contraction in the country’s history and much worse than the overall contraction in the world (Figure 1). The contraction is solely responsible for reversing the trend of global inequality, which has now started to rise after three decades (Deaton, 2021; Ferreira, 2021).</p>
<p style="text-align:justify"><em>What do macroeconomic indicators say?</em></p>
<p style="text-align:justify">While economies worldwide have been hit hard, India has suffered one of the largest contractions. During the 2020-’21 financial year, the rate of decline in GDP for the world was 3.3% and 2.2% for emerging market and developing economies. Table 1 summarises macroeconomic indicators for India, along with a reference group of comparable countries and the world. The fact that India’s growth rate in 2019 was among the highest makes the drop due to Covid-19 even more noticeable.</p>
<p style="text-align:justify">If we compare India’s unemployment rate in 2020 with other countries, India has performed relatively poorly – both in terms of the world average and compared with a set of reference group economies (with similar per capita incomes to India’s). Unemployment rates were more muted within the reference group economies and were also kept low by generous labour market policies to keep people in work.</p>
<p style="text-align:justify">Please <a href="https://scroll.in/article/999275/the-pandemic-in-data-how-covid-19-has-devasted-indias-economy">click here</a> to read more. </p>
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LATEST NEWS UPDATES | The pandemic in data: How Covid-19 has devastated India’s economy -Swati Dhingra & Maitreesh Ghatak </title>
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The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.
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The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Scroll.in
The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.
From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates,...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-The Hindu Business Line
Maharashtra farmers seek concret exim policy
Pune: The US and Japan have dragged India to the World Trade Organization over the frequent ban it imposes on onion exports. Both countries have alleged that the export ban without prior notice create problems for importing...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-The Hindu Business Line
Trade sees lower acreage in MP; higher area in Maharashtra, other states
For farmers like Sunil Mukhati and hundreds of others near Indore in Madhya Pradesh, gazing at the skies as soon as they get up every day, has become a sort of...</p>
<a href="https://im4change.in/latest-news-updates/truant-monsoon-spells-trouble-for-soyabean-in-central-india-vishwanath-kulkarni-and-subramani-ra-mancombu.html"
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Newsclick.in
While private unaided schools comprise 22.38% of the total number of schools in India, they saw a whopping 37.13% of total enrolments during 2019-2020.
New Delhi: Over 26 crore children were enrolled in schools during the academic year 2019-2020, according to the Unified District Information System...</p>
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<a href="https://im4change.in/latest-news-updates/six-fold-increase-in-people-suffering-famine-like-conditions-since-pandemic-began.html" target="_blank"><strong style="" >Six-fold increase in people suffering famine-like conditions since pandemic began</strong></a>
<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Press release by Oxfam dated 9th July, 2021
11 people are likely dying every minute from hunger, now outpacing COVID-19 fatalities, warns Oxfam
A new Oxfam report today says that as many as 11 people are likely dying of hunger and malnutrition each minute. This is more...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Scroll.in
The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.
From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates,...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-The Hindu Business Line
Maharashtra farmers seek concret exim policy
Pune: The US and Japan have dragged India to the World Trade Organization over the frequent ban it imposes on onion exports. Both countries have alleged that the export ban without prior notice create problems for importing...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-The Hindu Business Line
Trade sees lower acreage in MP; higher area in Maharashtra, other states
For farmers like Sunil Mukhati and hundreds of others near Indore in Madhya Pradesh, gazing at the skies as soon as they get up every day, has become a sort of...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Newsclick.in
While private unaided schools comprise 22.38% of the total number of schools in India, they saw a whopping 37.13% of total enrolments during 2019-2020.
New Delhi: Over 26 crore children were enrolled in schools during the academic year 2019-2020, according to the Unified District Information System...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Press release by Oxfam dated 9th July, 2021
11 people are likely dying every minute from hunger, now outpacing COVID-19 fatalities, warns Oxfam
A new Oxfam report today says that as many as 11 people are likely dying of hunger and malnutrition each minute. This is more...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Scroll.in
The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.
From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates,...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-The Hindu Business Line
Maharashtra farmers seek concret exim policy
Pune: The US and Japan have dragged India to the World Trade Organization over the frequent ban it imposes on onion exports. Both countries have alleged that the export ban without prior notice create problems for importing...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-The Hindu Business Line
Trade sees lower acreage in MP; higher area in Maharashtra, other states
For farmers like Sunil Mukhati and hundreds of others near Indore in Madhya Pradesh, gazing at the skies as soon as they get up every day, has become a sort of...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Newsclick.in
While private unaided schools comprise 22.38% of the total number of schools in India, they saw a whopping 37.13% of total enrolments during 2019-2020.
New Delhi: Over 26 crore children were enrolled in schools during the academic year 2019-2020, according to the Unified District Information System...</p>
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<br><small>July 9, 2021</small>
<p style="padding-top: 6px;">-Press release by Oxfam dated 9th July, 2021
11 people are likely dying every minute from hunger, now outpacing COVID-19 fatalities, warns Oxfam
A new Oxfam report today says that as many as 11 people are likely dying of hunger and malnutrition each minute. This is more...</p>
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LATEST NEWS UPDATES | The pandemic in data: How Covid-19 has devastated India’s economy -Swati Dhingra & Maitreesh Ghatak
-Scroll.in
The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households.
From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates,...
-The Hindu Business Line
Maharashtra farmers seek concret exim policy
Pune: The US and Japan have dragged India to the World Trade Organization over the frequent ban it imposes on onion exports. Both countries have alleged that the export ban without prior notice create problems for importing...
-The Hindu Business Line
Trade sees lower acreage in MP; higher area in Maharashtra, other states
For farmers like Sunil Mukhati and hundreds of others near Indore in Madhya Pradesh, gazing at the skies as soon as they get up every day, has become a sort of...
-Newsclick.in
While private unaided schools comprise 22.38% of the total number of schools in India, they saw a whopping 37.13% of total enrolments during 2019-2020.
New Delhi: Over 26 crore children were enrolled in schools during the academic year 2019-2020, according to the Unified District Information System...
-Press release by Oxfam dated 9th July, 2021
11 people are likely dying every minute from hunger, now outpacing COVID-19 fatalities, warns Oxfam
A new Oxfam report today says that as many as 11 people are likely dying of hunger and malnutrition each minute. This is more...
