COVID-19: Indian economy can suffer a loss of Rs 21 lakh crore

The Covid-19 outbreak has taken its toll on the Indian economy. Experts say that the outbreak can slow down the GDP growth by one per cent.

In fact, the economy can suffer a loss of Rs 20.72 lakh crore. The outbreak has hit businesses across 21 states of India.

Industries across India are reeling under the deadly outbreak, which has led to a partial lockdown and social distancing.

The outbreak has taken a huge toll on the airline industry. This as tickets worth 15,000 crore rupees have been cancelled in the recent days.

Hospitality industry suffered a 50 per cent loss in business as holiday-goers choose to stay home. The loss in terms of rupees is 27,300 crores.

Gems and jewellery firms in surat alone have suffered a loss of 8-thousand crore rupees. Poultry industry saw only 30 per cent sales and it has lost over 4,500 crore rupees in a month.

With the cancellation of shoots and closure of cinema halls, the film industry has so far suffered a loss of 600 crore rupees.

The negative trade impact of Coronavirus can pull down the GDP growth by 1 per cent. The Indian economy can suffer a loss of Rs 20.72 lakh crore.

Industries reel under outbreak

Airline: Tickets worth Rs 15,000 cr cancelled
Hospitality: 50% loss in business
Loss of Rs 27,300 crore
Garment: 35% loss in business
Garment: Loss of Rs 12,500 crore
Gems & jewellery: Firms in Surat suffer a loss of Rs 8,000 cr
Consumer durables: 15% loss in business
Poultry: Only 30% of sales
Poultry: Loss of Rs 4,500 crores in a month
Film industry: Loss of Rs 600 crore