Slowdown Blues
Business Today
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Slowdown Blues
Per capita GDP to slip below Rs 1 lakh

India's per capita GDP is projected to fall below Rs 1 lakh mark in 2020-21

 
 

India will see a recession after 41 years with the GDP expected to shrink 7.7% in 2020-21

Be it any metric, India's GDP has suffered the biggest contraction among world's major economies

The first three months in this fiscal saw 8,47,649 new jobs compared to 30,02,975 jobs in the same period previous fiscal.

Since independence, India has witnessed four recessions. As per Reserve Bank of India (RBI), the recessions occurred in 1958, 1966, 1973 and 1980

India-China border tension: US President Donald Trump had said that he spoke with PM Modi about the conflict and said that the Prime Minister was not in a good mood

Coronavirus has badly shook the Indian economy with all major sectors taking a major hit as all activities come to a standstill

 
 

Employees in the age bracket of 22-25 years were the worst hit followed by the age group above 35, 29-35 years and 26-28 years, respectively

Indian economy, which saw one of the most stringent lockdowns, has shrunk the most amongst major economies on not just quarterly basis but also annualised basis

With unemployment rate of more than 23% in the first two months of FY21 only 4.19 lakh net jobs were created

For 2021, the IMF envisions a rebound in growth, so long as the viral pandemic doesn't erupt in a second major wave
Economic package of Rs 21 lakh crore will do little to stop Indian economy from slipping into recession as most sectors struggle to return to normalcy
Most cash-starved companies are forced to cut jobs as coronavirus lockdown has  brought the economy to a complete standstill
India's unemployment rate shot up 14.8% to reach 23.5% in the month of April, much higher than 8.7% reported in the previous month
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