Coronavirus crisis: Lockdown batters India's already slowing economy

India’s economic growth, which was already slowing, has been hit hard by the coronavirus lockdown. Some of the leading indicators only tell the magnitude of its impact.

Power demand, for example, has fallen sharply. From an average of 148,282 megawatts (MW) during March 1-22, demand fell to 122,025 MW between March 23 and April 23, a decline of 17.7 per cent.

As growth concerns rose in the backdrop of the Covid outbreak, foreign investors turned net sellers of equities.

They sold stocks worth Rs 65,454 crore between March 2 and April 23, leading to a slump in the markets, and a fall in the rupee against the dollar. The risk-off mood has seen investors turn to gold to protect capital.