The pandemic in data: How Covid-19 has devastated India’s economy
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. 15 hours ago The children of migrant workers at a bus stop in Ghaziabad on April 20 as the Delhi government ordered a lockdown to prevent the spread of Covid-19. | Adnan Abidi/Reuters
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.
Higher income households to drive revival in consumer spending, says CMIE
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Data shows consumer sentiments in March 2021 were down by 46.8% compared to the average in 2019-20,. However, the consumer sentiments of households with annual incomes of less than Rs 400,000 was about 43% than the index in 2019-20 while the consumer sentiments of households with incomes between Rs 400,000 and Rs1,000,000 was about 55% lower than in 2019-20.
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“India’s revival in consumer spending is likely to be driven by households that earn more than a million rupees a year when the lockdown is lifted,” CMIE said in its weekly analysis.
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Despite higher education, women participation in labour market remains low: CMIE
Either Indian women are not willing to go out to work or they are not allowed to go out to work or people are not willing to give them work in spite of their education, Vyas said.
BusinessToday.In | March 17, 2021 | Updated 15:46 IST
Indian women work a lot, but their work is predominantly at home in service of other members of their household.
Despite superior education than men, participation of women in India s labour market, especially in urban areas, remains low, as per the Centre for Monitoring Indian Economy (CMIE).
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