India's GDP growth rate 2020

India's GDP Collapsed in face

Of Covid-19 pandemic

India's GDP collapsed by 23.9% in the quarter ending in June on a constant price year over year basis as the country's efforts to contain the coronavirus wreaked on its economy.

23.9% India's GDP fall in April - June quarter even as the pandemic started to hit the world economy in the first quarter of 2020 the Indian economy was still doing good with at least 3.1% year on year growth in that quarter.

GDP crashed by 23.9% year on year in the reporting quarter sharply undershooting our -17.8% forecast for period and the consensus of -18% .Of course the nation wide lockdown to break the covid -19 chain which started in late March .

As lockdown restrictions meant to contain the spread of the coronavirus wiped out jobs and businesses.

India's decline was the worst among the world's top economies with U.S economy shrinks 9.5% in same quarter and Japan's 7.6%.

*Impact of Covid-19 on India 

In late march,prime minister Narendra Modi initiated one the most severe lockdown .ordering all Indians to stay inside,halting transportation and closing most business.

1- Millions of workers who over the years had been drawn to the urban centers for jobs started returning home to rural areas.

2-The country is now recording the world's highest number of daily new infections.

3-But even before the pandemic the economy had begun to slow down for example car sales plunged 32% in August last year the largest drop in two decades.

#5 trillion dollar economy target--

Mr Modi has said he wants his country to become a 5$ trillion economy by 2025 the next major election in which he expected to run for a third term.In 2019 India's GDP was around 2.9$ trillion making it the world's fifth largest economy , behind the U.S,China ,Japan, and Germany.

My estimate is after the government takes the unorganised sector into account he said the overall economic slide will be minus 40 percent.

India's finance minister Nirmala Sitharaman blamed all of the country's economic woes on the coronavirus .But I think this is not totally right statement to blame India's economic condition on coronavirus.

#Revival of Indian economy after lockdown

1- To boost the consumer demand at the bottom of pyramid in the rural,farm and informal sectors.

2-Restructure PSBs in line with the Private Sector Banks.

3-Treat food parks and rural markets as priority sector investments.

4-Build 100000 water storage reservoirs to recharge aquifers annually. 

5-Simplify GST and reduce 4 tax slabs to 2 slabs.

I think these are some major changes have to be applied by the government of India for Revive the Indian economy and from negative impacts comes from Covid -19.