NEW DELHI : Expectations for India’s economic growth are being revised sharply lower as a surge in people losing their jobs and defaulting on debt suggest a more halting recovery from the financial shock of the Covid-19 pandemic. View Full Image India's quarterly GDP growthThe knock-on effects of sub-par growth on a rapidly developing economy like India could be significant. Rural unemployment that normally hovers around 6-7% also hit double digit levels in May, according to the privately owned firm. Last year, India announced a $266 billion package to support the economy during a strict nationwide lockdown to contain the first coronavirus wave. View Full Image India's unemployment rate (Graphic: Reuters)Surging unemployment, coupled with state lockdowns, a large increase in hospitalizations and fatalities amid the second wave and fears of a third wave, are prompting many people to cut spending.

Source: Mint June 02, 2021 13:41 UTC