The latest lockdown in India’s richest state will cost the country’s economy $5.4 billion ...Middle East

Quartz - Economy
The latest lockdown in India’s richest state will cost the country’s economy $5.4 billion
source : Quartz ( Middle East ) () 13
The second wave of Covid-19 in India will leave behind the second wave of economic woes in the country, too.The stringent lockdown imposed in India’s richest state Maharashtra from April 5 is estimated to chip off Rs40,000 crore ($5.4 billion) from India’s GDP during the current financial year that ends in March 2022, according to Mumbai-based CARE Ratings (pdf).Maharashtra, which is home to financial hub Mumbai, contributes around 15% to India’s GDP. Taking into account this latest economic setback, CARE expects India’s GDP to grow at between 10.7% and 10.9% in the current financial year from its earlier projects of between 11% and 11.2%.Read the rest of this story on qz.com. Become a membe

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