Who bore brunt of income losses in CY20 as India battled coronavirus?

Almost four-fifth of all income losses were incurred by households and the corporate sector

Every economy in the world suffered economic/income losses in CY20. The ‘sudden stop’ forced authorities to react with a quick, massive, and unconditional fiscal/monetary support last year. As in other crisis, however, these measures did not prevent losses, though they definitely helped mitigate them. Assuming that income growth in CY20 would have been the same as in CY19, my calculations suggest that total income losses incurred by Indian economy amounted to 10.6% of GDP (totaling $315b) in CY20. This was lower than losses worth 12.7% of GDP in Spain (ES) but almost double of that in Australia (5.8% of GDP)