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Friday, April 10, 2020

Lockdown Impact on India

lockdown Impact 

economy likely to only see 2% growth in 2021 

Icar Ratings on Tuesday sharply cut the country's GDP Forecast amid the covid-19 crisis and expects the economy to grow at just 2% in the current fiscal."The Indian economy is likely to witness a sharp contraction of 4.5 % during Q4 FY20 and is expected to recover gradually ,to post a GDP growth of just 2% in FY21 "the rating agency said
It said the concerns on account of Covid-19 have morphed from the impact of imports from China on domestic supply chains, into a domestic and external demand shock, with social distancing and lockdown  leading to production shutdowns and job losses in some sectors.Domestically, the impact of the corona virus pandemic could lead to slowdown in domestic demand, erosion of purchasing power due to job losses or pay cuts and trickle-down effect of demand deferral will have a longer-lasting impact on some other sectors, especially where demand is discretionary in nature, it said.

HRD Ministry launches portal to address students'difficulties lockdown.

The HRD Ministry has launched a helpline portal for students who are facing difficulties due to the closure of schools and colleges because of the nationwide lockdown to combat the coronavirus outbreak. The portal developed by two student interns at all India council of Technical Education (AICTE) was launched by Union HRD Minister Ramesh Pokhriyal Nishank on Friday.This portal is essential to connect those who are willing to provide help with those who need help. The nature of support includes accommodation, food , online classes, attendance, examinations, Scholarships, health, transport and harassment of any kind," the Human Resource Development minister said."As many as 6500 colleges have already come forward to provide support at such a crucial juncture. Students in difficulty are encouraged to directly get connected with them through this portal,' he added.

about 400 million workers in India may sink into poverty: UN report.

About 400 million people working in the informal economy in India are at risk of falling deeper int poverty due to the coronavirus crisis which is having "Catastrophic consequence and is expected to wipe out 195 million full-time jobs or 6.7 % of working hours globally in the second quarter of this year, UN's labour body has warned.  
The International Labour Organization (ILO) in its report titled 'ILO Monitor 2nd edition: COVID-19 and the world of work', describes coronavirus pandemic as " the worst global crisis since World War 2"."Workers and businesses are facing catastrophe, in both developed and developing economies. We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse," ILO Director-General Guy Ryder said on Tuesday.
Worldwide, two billion people work in the informal sector (mostly in emerging and developing economies )and are particularly at risk, the report said, adding that the COVID-19 crisis is already affecting tens of millions of informal workers.In India, Nigeria and Brazil, the number of workers in the informal economy affected by the lockdown and other containment measures is substantial," ILO said.

written by vijay raj singh 

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