Indian Economy Suffers the Loss of Rs 8 Lakh Crore Due to Corona Lockdown

Mumbai : The first phase of lockdown to fight Corona in the country ends today i.e. April 14. PM Narendra Modi has now announced to extend it further till May 3. This lockdown is proving to be a big setback for Indian economy. Indian economy has lost about Rs 8 lakh crore due to the lockdown of the first phase.

Significantly, PM Narendra Modi had announced a 21-day nationwide lockdown on 24 March to prevent the spread of corona virus. It came into force from 25 March, the duration of which is ending on Tuesday i.e. 14 April. The Prime Minister has announced the second phase of lockdown till May 3. The country’s economy is expected to suffer a setback of Rs 7-8 lakh crore due to this world’s biggest lockdown.

During this lockdown, most of the companies, industries are closed, flight services are suspended and the Indian Railway has stopped. At the same time, the movement of people and vehicles are also closed. Due to this lockdown, 70 percent of India’s economic activities have stopped.