: Covid-19: Lockdown extension may cause loss of Rs 18 lakh crore, no growth in 2020, says Barclays #IndiaNEWS British brokerage Barclays on Tuesday said India’s decision to extend the nationwide lockdown

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Covid-19: Lockdown extension may cause loss of Rs 18 lakh crore, no growth in 2020, says Barclays #IndiaNEWS
British brokerage Barclays on Tuesday said India’s decision to extend the nationwide lockdown to combat the coronavirus pandemic till May 3 will inflict an economic loss of 4.4 billion (approximately Rs 18 lakh crore) or 8.1% of GDP. It also cut its growth forecast for the calendar year 2020 to 0% from the earlier projection of 2.5%, PTI reported. For the financial year 2020-’21, Barclays revised the growth to 0.8% from the earlier projection of 3.5%.Prime Minister Narendra Modi on Tuesday told Indians that they will need to stay at home until May 3. Extending the lockdown to check the spread of the coronavirus that began on March 25 with four hours’ notice, Modi called Indians to be even more vigilant about staying indoors until April 20, after which areas that do not have cases may be allowed some leeway. India has so far reported 10,363 cases of Covid-19, including 339 deaths, 1,035 recoveries and one migration, according to the Union Ministry of Health and Family Welfare.“While India’s Covid-19 outbreak has not officially reached the community transmission stage, we believe the existing restrictions on movement are causing much more economic damage than anticipated,� the brokerage said in a report, according to Mint. “Despite being characterised as essential sectors, the...Read more

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