The Indian economy is in the doldrums. The Indian economy was already in bad shape before the COVID-19 pandemic struck. In 2019, India’s Gross Domestic Product i.e. GDP growth was 4.18%, lowest in that decade.
The coronavirus pandemic and the nationwide lockdowns spiraled the economic downturn into a full-fledged economic crisis in the country. India’s GDP went through its worst phase of -7.3 % in 2020 and is still struggling to recover from it. The World Bank has also slashed India’s 2021-22 Gross Domestic Product (GDP) growth forecast from 10.1per cent to 8.3%. Which means India’s GDP will grow with 1% growth.
To know more about India’s economic growth story, the impact of COVID-19 pandemic on our country’s Gross Domestic Product (GDP) and how the economy affects the GDP. The host Kunika Balhotra reached out to Dr Biswajit Nag, Professor and Head of Economics Division at the Indian Institute of Foreign Trade to understand why GDP figures and its sharp fall in recent times matters to every Indian.