Coronavirus is the most distressing calamity that has been surrounding the entire globe. Certain sources in all parts of the world have deteriorated to a great extent due to this dreadful pandemic. Mostly, the economic crisis in almost all parts of the globe is playing a vital role in the shortages of needs of an individual.
Just a while ago, the Reserve Bank of India published a statement that the Indian economy may take at least 12 years to recover from the crisis. In an analysis of the impact of Covid-19 on the economy, the report has assumed the output losses during the pandemic period at around Rs 52 lakh crore. The chapter ‘Scars of the pandemic’ in the report of currency and Finance for the year 2021-22 said that the flusters from reiterated waves of Covid-19 have come in the way of sustained recovery and the quarterly trends in GDP basically act in accordance with the ebbs and flows of the pandemic.
The economic momentum continuously apprehended till it was hit by the second wave in the April-June period of 2021-22, after a sharp contraction in the first quarter of 2020-21. Further, the report claimed that the pandemic is a great disaster and the present structural alterations catalyzed by the pandemic can intensively change the growing phenomenon in the medium term.
The pre-Covid trend growth rate works out to 6.6% (CAGR for 2012-13 to 2019-20) and excluding the slowdown years, it stands at 7.1% (CAGR for 2012-13 to 2016-17). RBI report claims that India is speculated to recuperate from Covid-19 losses in 2034-35, taking the actual growth rate of -6.6% for 2020-21, 8.9% for 2021-22, and assuming a growth rate of 7.2% for 2022-23 and 7.5% beyond that.