The hysteresis effects of our lockdown may be so severe that even big reforms won’t achieve much
We all knew it would be bad, but no one could have predicted just how bad. Then, on 31 August, we learned that India’s gross domestic product (GDP) contracted by almost 24% in the first quarter of the current fiscal year. This means that approximately ₹8.5 trillion of national income, or about $115 billion at the current exchange rate, has gone up in smoke. India is now the worst performer in the G-20 group of most important economies in the advanced and emerging world, according to data released by the International Monetary Fund (IMF).
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