India’s economic loss due to COVID-19
The coronavirus (COVID-19) pandemic laid additional stress on the country's already struggling economy. With a GDP growth of just three percent in the fourth quarter of the financial year 2020, a drop of more than 20 percent in the next quarter came as a huge blow. The markets reacted differently to the crisis, which was reflected in their growth rate. The automotive market was hit the hardest by the lockdown, as it showed the maximum negative growth. While most industries were shaken to their core, financial, real estate, and professional services were estimated to incur huge losses.
Sudden rise in unemployment
Owing to the lockdown, many Indians found themselves with no work. In May 2020, the unemployment levels reached a new high with more than 27 percent of the country's labor force unemployed. However, the effects within the different parts of society varied. In April 2020, small traders and laborers suffered the most due to the coronavirus, as nearly a hundred million lost their jobs. Contrary to this, the farmers saw an increase in employment.