In India, corona-Virus disaster has left deep scars on country’s economy asa surge in people losing their jobs and defaulting on debt suggest a morehalting recovery.
According to Economists, government is sticking with a forecast that theeconomy will grow 10.5% in fiscal year that started from on April, but onTuesday State Bank of India slashed its growth forecast to 7.9% from 10.4%.
Several international banks such as Barclays and UBS have also cut backtheir predictions.
According to data from Centre for Monitoring Economy, the situation hasexacerbated unemployment that touched a 12-month high of 11.9% in May from7.97% in April.
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Rural unemployment that normally hovers around 6-7% also hit double digitlevels in May, according to the privately owned firm.
