In India, corona-Virus disaster has left deep scars on country’s economy as a surge in people losing their jobs and defaulting on debt suggest a more halting recovery.
According to Economists, government is sticking with a forecast that the economy will grow 10.5% in fiscal year that started from on April, but on Tuesday 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 back their predictions.
According to data from Centre for Monitoring Economy, the situation has exacerbated unemployment that touched a 12-month high of 11.9% in May from 7.97% in April.
Rural unemployment that normally hovers around 6-7% also hit double digit levels in May, according to the privately owned firm.