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Covid-19 lockdown could take away 135 million jobs in India, says report

120 million people might be pushed back into poverty in India

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Coronavirus | jobs | Lockdown

Agencies  |  New Delhi 

household debt, jobs, coronavirus
Consumer income, spending and savings will take a hit too

Following the Covid-19 economic disruptions, up to 135 million could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report.

According to a new report by international management consulting firm Arthur D Little, the worst of Covid-19’s impact will be felt by India’s most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in GDP. “Given the continued rise of Covid cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY21 and GDP growth of 0.8 per cent in FY22,” it said.

First Published: Mon, May 18 2020. 01:35 IST
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