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Coronavirus disaster leaves deep psychological scars on India's economy

Banks begin to slash FY22 growth forecasts; personal credit defaults and unemployment rising

Coronavirus | India GDP | Indian Economy


Expectations for India's economic growth are being revised sharply lower as a surge in people losing their jobs and defaulting on debt suggest a more halting recovery from the financial shock of the COVID-19 pandemic. Economists are downgrading their estimates as a range of data - from the rate of cheques bouncing to the amount of mortgaged gold jewellery up for sale - shows the extent of the economic damage from a devastating second wave of the disease. Some observers also fear the psychological blow from the virus disaster that ripped through India this year killing tens of ...

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First Published: Wed, June 02 2021. 19:12 IST