The coronavirus outbreak has triggered a state of crisis, and its tremor is being felt across the globe. The Indian money market, which stayed relatively unscathed for a while, slumped down several points, creating panic across the economic spectrum.
With the rising number of cases on home ground, the Indian economy is currently enduring a steep plunge due to disrupted supply chain and a fall in investor sentiment. A slow recuperation of the economy is set to lose momentum as India orders a lockdown for 1.3 billion population, indicating a significant blow to the economy in the future.
As the tally increases, India is prepping for the fallout of the pandemic. The lockdown is expected to decrease GDP in the current and following quarters, while the economic gloom persists through the rest of the year. Although the government has been proactive to take the necessary steps to quarantine people, shut borders, and airline to curb the outbreak of the pandemic, the economic outlook of the nation seems to be painting a grim picture.