Our entire world has suffered, and is yet suffering from this infectious disease, namely, COVID-19. It has been almost an year when our fight against this infectious highly evolving virus started. Not only our bodies were fighting against it, but, also the livelihood and most importantly the Economy was trying to breath.
Indian Economy dwindled to –7.7 in Financial Year (FY) 2020-21 from 4.2 in FY 2019-20. Gross Domestic Product, i.e., GDP for the Covid-19 era saw major shutdowns and unlocks. Whereas, looking at the current scenario, there comes no good news in our corner. While looking at the major policies being told for the current FY, the policies which are next to the impossible if surge in the cases continue.
Our Economy has so far relied it’s weight on the sectors like – Agricultural, Industrial and Private. But, after a complete lockdown for the Quarter-1(Q1) of the year 2020, it drew us further away from the targeted Growth of the year it was almost 23% deflation and in the first half of the year 2020, it constricted by 15.7%, though better from the Q1, but, fairly impossible to gain it back, anytime soon.
On 7th January, the budget was presented by the Finance Minister, which focused on the areas of growing GDP, as the per capita GDP, Real GDP (GDP without influence of the Inflation), Gross Value Added (GVA) are less if compared with the values of year 2018-19. The Farmers’ Bill, the lockdown in different states, the severity of the recent surge in cases and the potential unemployment has lead to re-negotiating the terms for the current fiscal year.
There’s a huge potential in transporting vaccines, but , increasing geopolitical tension, production bottleneck and financial turmoil has surfaced the tension of huge inflation in the GDP.