India a nation of billion people was once the fastest-growing financial system has now attained the steepest reduction in the GDP as the country is struggling due to the Epidemic situation. Currently, there are around three million infected People and have caused many people to lose employment due to the complete lockdown.
The lockdown brought a huge blow to the country’s economy and even before the Pandemic had started, India reported a prominent less growth in the economy and now not only in India but the Epidemic situation has resulted in a decline in GDP of most of the countries in the world.
India is the largest Democratic country and has been categorized as a rapidly developing nation, it is the 5th largest economy, and India is the 10th largest Importer and 19th largest Exporter in the world. India has been a part of the World Trade Organization for almost 25 years and its ranking is 63 on the Ease of Doing Business Index, India is in place two for the largest Labor force in the world.
It has one of the world’s highest counts of Billionaires in the world; it also has the 3rd largest military force in the world. The farming sector is the biggest employer in India’s economy. India’s large English speaking and the educated populace have made India as the foremost Exporter of Software, IT, and ITES services.
Its Fiscal growth was reduced earlier by two major impacts on the economy one due to Demonetization in the year 2016 and another by beginning Goods and Services Tax (GST) in the year 2017 by the Central Government.
GDP whose full form is Gross Domestic Product. The GDP of a nation is the overall worth of Goods and Services created in a country. It is a fiscal indicator to illustrate the wellbeing of a Nation. It gives an estimate of a country’s monetary development and progress.
Higher GDP growth is required to match the rising requirements of the Country’s inhabitants. To calculate GDP, the statistics from many sectors are taken from namely the Manufacturing sector, Agriculture, Mining, Forestry, Fishing, Real Estate, Electricity, Trade, Hotel, Transport, Insurance, Business Services, Construction, Public Services sectors. GDP is calculated at regular intervals and normally at each Quarter of the Year.
With the overall Lockdown of the country from the mid-march lengthened through April, May and June have impacted Transport, Recreational, Hospitality, and other important sectors in the 2.8 Trillion US dollars Indian economy, and the Covid-19 pandemic has made Indian government’s aim to become a 5 Trillion USD economy by the year 2024 a difficult task and due to recession shock, it might take many months to restore the financial situation prevailing in the nation.