Lockdown was brought across the country at a time when the corona epidemic was spreading in India. Thus the country’s economy was badly affected and went into minus. The Indian economy went back to its pre-independence state.
The economy has been slowly recovering since the last financial year. However, the federal government has said it will not fully recover the country’s economy from the corona.
In this context, the Reserve Bank’s Economic and Policy Research Department released its Monetary and Financial Report for 2022 yesterday. The theme of the report for 2021-22 is “Revitalization and Reconstruction”.
It has been suggested that the corona develops a prolonged recovery after the epidemic and enhances growth in the medium term.
It said, “In 2020-21, the Indian economy contracted by minus 6.6 percent. It is expected to grow by 8.9 per cent in 2021-22 and 7.2 per cent in 2022-23.
However, we estimate that the Indian economy will fully recover from the economic losses in Corona by 2034-35.
The plague was a turning point in economic growth. The resulting structural changes will change the growth trajectory in the medium term.
However, the International Monetary Fund’s economic growth forecast for India is projected at 6.9 percent in 2024.
Even in the Reserve Bank’s monetary policy announcement, the country’s economic growth is projected to be 6.3 percent in FY2024. Most economists estimate that economic growth will be below 6 percent in FY2024. This is because it will take a long time for the Indian economy to recover from the Corona impact.
In financial terms, the corona caused an economic loss of Rs 19.10 lakh crore to India in FY2021. 17.10 lakh crore in 2022 and Rs. 16.40 lakh crore in 2023. The country’s real GDP in 2022 is estimated at Rs 147.54 lakh crore.
Moreover, the war between Russia and Ukraine has severely affected India’s recovery from economic stagnation. There has been a sharp rise in commodity prices, a slowdown in international economic growth, and an international financial crisis. This has hampered India’s rapid recovery
