SBI’s report “Ecowrap” suggests new strategy for the nation to overcome the economic losses.The nationwide fourth phase of lockdown to prevent coronavirus is about to expire by Sunday. SBI’s ‘Ecowrap’ research report suggests an intelligent lockdown exit strategy. The need for this strategy has arrived due to the movement of seriousness about this issue. A debate between lives and livelihood has now changed to a debate between lives and lives.
India’s economic growth has dropped down to 4.2 percent in 2019-2020. From January – march 2020, the economic growth has gone down to 3.1 percent, the lowest in the last 40 quarters. Implementation of an intelligent lockdown exit strategy can only help the country to come out of this dropdown and prevent further collapses.
Since March 25, all economic activities have been severely affected. From past experiences, analysts have realized that recovery from this recession seems to be a slow process and may take up to five to ten years to reach the former peak levels.
Based on Friday’s GDP report, data shows that march has seen a dragged GDP growth as never before which is less than the preceding financial year. Reports also show that agriculture is the only silver lining that has grown by 4 percent in the fiscal ended by March 2020.
Ecowrap reports say that the quarterly numbers in February after undergoing upward revisions have now been revised downwards by an equal amount. Reports suggest that a methodological note from CSO explaining the revisions would be very useful. The revisions show us that loss in the fourth quarter may have possibly distributed.
The government has extended statutory timelines for submitting the requisites. The report says that this extension has caused these estimates to be calculated on whatever data has been available. The report demands significant revisions in both quarterly and annual numbers in august when the data of current fiscal would be released.
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