Covid-19 impact: GDP growth may plunge to 1.1% in FY21, says SBI report

According to the SBI Ecowrap report, the extension of the lockdown would result in economic loss of Rs 21.1 trillion or 6 per cent of the nominal Gross Value Added (GVA).

India’s GDP growth may slide to 1.1 per cent in the current fiscal year, on account of the impact of Covid-19 outbreak on the economy, a research report by SBI said on Thursday.
 

The economic growth rate during 2019-20 is estimated to come down to 4.1 per cent from 5 per cent projected by several agencies before the outbreak of deadly virus, which affected more than 2 million persons around the world and took lives of over 130,000 people.
 

To check the spread of Covid-19, the government has decided to extend the lockdown to May 3, with some relaxations for