Written by Sanchit Sharma
Infosys co-founder N.R Narayana Murthy have a fear of India Economy could be brought back on track soon. “India’s GDP is expected to shrink by at least 5%.”
Tuesday , 11
Since the very first day of the National Lockdown (March, 24) the increasing COVID-19 Pandemic has boosted many other problems in the nation. The Economy of India is out of track as per the research by Infosys founder Narayana Murthy advised bringing back the 140 million migrant workers who have gone back to there town to their workplace, in urban areas.
The Country’s GDP growth is about to touch it’s lowest since Independence the backdrop of this major endemic.
On Tuesday, the Infosys co-founder N.R Murthy suggested that the economy should be brought back on the right track and people should prepare themselves for this disease. He also shared his views on this pandemic, his view had been that people have to live with this Corona Virus because of three reasons are:-
- No cure for coronavirus.
- The economy cannot be brought to rest.
His second advice to increase the number of hospitals and beds in it by adding equipment for testing and taking care of COVID-19 positive patients for three months to six months from now.
Even after this Basu tweeted: “All economies are doing badly & India particularly so. It’s likely that growth in 2020-21 will be the lowest since 1947. The only parallels to such growth were in colonial times. Divisiveness & lack of trust is hurting investment & job creation. Time for major policy initiatives.”
Kaushik Basu Tweeted on August 9
All economies are doing badly & India particularly so. It’s likely that growth in 2020-21 will be the lowest since 1947. The only parallels to such growth were in colonial times. Divisiveness & lack of trust is hurting investment & job creation. Time for major policy initiatives.
— Kaushik Basu (@kaushikcbasu) August 9, 2020
RBI in Pandemic
Even the Reserve Bank of India in its latest Monetary Policy Committee (MPC) the meeting did not give its projection on the GDP numbers.
Reserve Bank of India governor Shaktikanta Das said India’s GDP growth will continue to contract in fiscal 2021 due to disruptions caused by the COVID-19 pandemic that has hit economic activities.
Impact on Indian Economy by COVID Pandemic
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India’s growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably, India had also been witnessing a pre-pandemic slowdown, and according to the current pandemic has
“magnified pre-existing risks to India’s economic outlook”.