3 In 4 People Believe Indian Economy Will Recover From Covid Impact By Next Year: Survey

LocalCircles conducted a survey during which the citizens were asked about how they foresee economic recovery from the impact of COVID in the next one year.

COVID

New Delhi: Three in four Indians foresee India being able to significantly recover economically from the COVID-19 pandemic in the next one year before the nation completes 75 years of independence, according to a survey.

LocalCircles conducted a survey during which the citizens were asked about how they foresee economic recovery from the impact of COVID in the next one year.

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In response, 33 percent of the citizens are hopeful that the economy “will recover completely and surpass pre-COVID 2019-20 GDP level”, while the other 11 percent said it “will recover completely but not surpass pre-COVID 2019-20 level”.

According to LocalCircles, 31 percent of the citizens said the economy “will recover significantly but not completely”, while 15 percent said it “will have limited recovery”. 3 percent of the citizens said the economy “will not recover at all” and 5 percent said it “will deteriorate further”, while 2 percent did not have an opinion.

This question in the survey received 11,081 responses.

During the initial months of last year’s COVID-induced country-wide lockdown, the Indian economy was left battered by a strict nationwide lockdown, resulting in the economy contracting by 23.9 percent during April-June 2020.

Even after relaxation to sectors that started to gradually reopen, India’s GDP in the September quarter contracted at a slower pace and fell 7.5 percent from a year ago.

Amid several boosters by the government to revive the economy and lockdown relaxed for all sectors as COVID-19 cases fell drastically, financial experts were quoted stating that the economy was seeing a ‘V-shaped’ recovery, reported LocalCircles.

At the beginning of this year, S&P Global Ratings forecast India’s GDP growth at 11 percent for the coming financial year.