Economic cost of mobility curbs, lockdowns at Rs 1.5 trillion: SBI report

The stringent mobility curbs and lockdowns put across key Indian cities will dent the economic momentum and will result in an economic loss of Rs 1.5 trillion, suggests a report by the economic wing of State Bank of India (SBI).

“Total loss is estimated at Rs 1.5 trillion, of which Maharashtra, Madhya Pradesh and Rajasthan account for 80 per cent. Maharashtra alone accounts for 54 per cent,” wrote Dr. Soumya Kanti Ghosh, group chief economic adviser at SBI in an April23 note.

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In this backdrop, SBI has also lowered the gross domestic product (GDP) estimates for fiscal 2021-22 (FY22). The revised FY22 projection now