Figures for the economic impact of India's Covid-19 second wave and the lockdowns across the country to control its spread are now emerging. Investment bank Barclays has said that India is losing about $8 billion--about Rs 60,000 crore--every week in May. The total loss will be $117 billion (Rs 8.5 trillion), or 3.75 per cent of gross domestic product (GDP), per Barclays. Unemployment levels have moved into double digits, at 14.73 per cent for the week ending May 23, according to the Centre for Monitoring Indian Economy, with over 17 per cent unemployment in urban India and nearly 14 per cent in rural India. To understand what lies behind these numbers, we speak with Mahesh Vyas, CEO of CMIE.
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First Published: Sat, May 29 2021. 08:02 IST
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