Estimated economic impact from COVID-19 on India's GVA April-June 2020 by sector

The impact of the coronavirus (COVID-19) pandemic had not only brought the global economy to a standstill but set the clock backwards on the developmental progress of several nations. While the rate of infection in India did not appear to be as high as in other countries, precautionary measures adopted dealt a severe blow to the country’s major industries- with finance, real estate & professional services bearing the largest brunt at an estimated loss of 17.3 percent.

Impact of key industries

The loss incurred by enforcing a lockdown in the country was estimated at 26 billion U.S. dollars and a significant decline in GDP growth is also expected in the June quarter of 2020. With the imposition of restrictions on transportation worldwide, the trade sector also took a hit. Exports and imports saw a drastic decline in the country especially in the case of essential commodities such as petroleum, food crops, and coal, among others.

Effect on business in India

The growth rate of the automotive business in India was expected to be the most adversely affected followed by the power supply and IT sectors. Furthermore, many startups, small and medium enterprises in India expected to face issues of supply disruption and a decrease in demand. The effects of aid from the Narendra Modi-led government was, until April, arguably deemed inadequate in the face of a faltering economy.

Estimated impact from the coronavirus (COVID-19) on India between April and June 2020, by sector GVA

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Sources

Release date

April 2020

Region

India

Survey time period

April 2020

Supplementary notes

One Indian rupee was equal to 0.012 euros and 0.013 U.S. dollars as of April 2020.

Values have been rounded for clarity.

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