COVID- 19 and Economic Loss of First Phase of (21- Day) Lockdown in India

Main Article Content

Tiken Das
Diganta Das

Abstract

To curb Covid-19 spread, Prime Minister Narendra Modi has announced a 21-day nationwide lockdown on 23 March 2020. The present study makes an attempt to estimate the state-wise and economic activity-wise economic loss of 21- day lockdown in India. The data on Net State Value Added (NSVA) by economic activity was collected for five years from the Reserve Bank of India. It was found that the percentage of the daily loss of Net State Value Added (NSVA) was considerably higher for the states of Chandigarh, Delhi and Karnataka. The manufacturing sector was expected to be the highest loser, followed by real estate, ownership of dwelling and professional services. In absolute terms, the loss was prominent in Maharashtra, Tamil Nadu and Karnataka. It is worth mentioning here that what could be the magnitude of the impact of a complete social and economic shutdown may not be easy to estimate, but it is likely to be far more severe.

Downloads

Download data is not yet available.

Article Details

How to Cite
DasT., & DasD. (2020). COVID- 19 and Economic Loss of First Phase of (21- Day) Lockdown in India. Space and Culture, India, 8(1), 21-26. https://doi.org/10.20896/saci.v8i1.844
Section
Reviews

References

21-day lockdown care ratings predicts Rs 7.2 lakh crore impact on economy. (2020, March 25). Retrieved on 25 March 2020 from, https://www.businesstoday.in/current/economy-politics/21-day-lockdown-care-ratings-predicts-rs-72-lakh-crore-impact-on-economy/story/399250.html
Bhasin, K. (2020). Govt can cushion economic impact of the lockdown. Retrieved 30 March 2020 from, https://www.livemint.com/news/india/govt-can-cushion-economic-impact-of-the-lockdown-11585157317394.html
Center for Systems Science and Engineering. (2020). Coronavirus COVID-19 global cases by the Center for Systems Science and Engineering at Johns Hopkins University. Retrieved 15 April 2020 from, https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6
Kapur, M. (2020). Charted: lockdown is only the beginning of misery for India’s migrant labourers. Retrieved15 April 2020 from, https://qz.com/india/1833814/coronavirus-lockdown-hits-india-migrant-workers-pay-food-supply/
Kumar, A. (2020). Impact of Covid-19 and what needs to be done. Economy and Political Weekly, 55 (14), 20-25.
Mishra, H. H. (2020, March 28). Coronavirus in India: COVID-19 lockdown may cost the economy Rs 8.76 lakh crore; here's how. Business Today. Retrieved 15 April 2020 from, https://www.businesstoday.in/opinion/columns/coronavirus-in-india-covid-19-india-lockdown-economy-cost-gdp-gva-nationwide-shutdown/story/399477.html
Mukherji, B. (2020). Coronavirus impact: Indian industry seeks relief measures to aid economy. Retrieved15 April 2020 from, https://www.livemint.com/companies/news/coronavirus-impact-indian-industry-seeks-relief-measures-to-aid-economy-11584904435575.html
Nag, A. (2020). India jobless rate swells above 23% amid coronavirus lockdown, survey shows. The Economic Times. Retrieved 15 April 2020 from, https://economictimes.indiatimes.com/jobs/india-jobless-rate-swells-above-23-amid-coronavirus-lockdown-survey-shows/articleshow/75023958.cms
Wadhwa, P. (2020). With 75% economy under lockdown, analysts see sharp fall in GDP. Business Standard. Retrieved 15 April 2020 from, https://www.business-standard.com/article/economy-policy/with-75-economy-under-lockdown-analysts-see-sharp-fall-in-gdp-120032600231_1.html
World Health Organization. (2020). Coronavirus disease 2019 (COVID-19): prevention & treatment. Retrieved 15 April 2020 from, https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200222-sitrep-33-covid-19.pdf
World Health Organization. (2020a). Naming the coronavirus disease (COVID-19) and the virus that causes it. Retrieved 15 April 2020 from, https://www.who.int/emergencies/diseases/novel-coronavirus-2019/technical-guidance/naming-the-coronavirus-disease-(covid-2019)-and-the-virus-that-causes-it