The Size Of The Economy Will Decrease By 9.13 Lakh Crores This Year.
The government has also said that due to Covid-19 and lockdown, there will be a serious impact on the economy and the size of GDP will decrease by 4.5 percent in the current financial year. This was revealed in the report released on Monday by the Department of Economic Affairs (DEA) of the Ministry of Finance.
Currently, the GDP of the country is about Rs 203 lakh crore. Thus a fall of 4.5 per cent means that it will be reduced by Rs 9.13 lakh crore. In April, the government had projected a growth rate of 1.9 per cent, but the latest estimate has decreased by 6.4 per cent. In a report released on the assessment for the month of June, DNA has said that the delay in getting effective vaccine of Corona can have a serious impact on the economy.
However, the steps of the government and RBI have brought considerable relief. But it will take a long time for the industries to reach the situation before the epidemic.Uncertainty in market and business environment.According to the DPA, there is a deep cloud of uncertainty over the market and business environment. Revenue realization is also half of the annual average. Cheap crude has provided relief on the import front but increasing exports will be a big challenge.
However, the trade deficit among them all has come down to an 11-year low. Online payment of electricity water increased in lockdown. During the lockdown, 163 percent increase has been registered in filling the electricity water bill online. According to financial services company Razor Pay, payments to personal counselling, dating and matrimony websites also saw a 32 percent increase during this period.The report found that there has been a 23 per cent jump in digital payments in the last 30 days. Whereas in the 101 days of lockdown (24 March to 2 July) digital transactions have declined by 12%.
