India, which is the second worst-affected nation globally in terms of the Covid-19 outbreak has been facing the wrath of the pandemic as the Indian economy is going through one of the toughest times.
The series of nationwide lockdowns imposed to tackle the Coronavirus outbreak made everything in the country came to a standstill. Many industries and firms faced severe losses.
Raising many fears about the severe impact left by the Coronavirus on the Indian economy, the recent report issued by global forecasts and analysis firm Oxford Economics revised its prediction on India's growth.
In the report, Oxford Economics opined that the Indian economy takes the impact left by the novel Coronavirus for the next five years, i.e 2025.
According to the report, India could register a growth rate of 4.5 percent over the next five years. The growth rate of the country stood at 6.5 percent before the pandemic hit the nation.
To make the predictions, the report pointed out issues like the fallout of the banking sector and the loss in the labor market and attributed the possible prolonged downfall to these factors.
After imposing the lockdowns, the Centre led by Narendra Modi announced a massive package of Rs 20 lakh by the name Aatmanirbhar package to boost the Indian economy.
However, the package couldn't help the Indian economy much. The automobile sector, which went through severe losses barely managed to make any transactions after the lockdown was lifted.
The economic crisis in India, which is dubbed as the biggest economic crisis since 1979, resulted in several sectors suffer a lot. The automobile sector has faced a brutal shock with the lockdown.