Within two years since the first lockdown was imposed in March 2020, India recorded a recovery better than expected. The GDP has improved to 30% from its lowest level and the unemployment rate also dropped by 15%.

 

It was in May 2021 that the deadly Coronavirus touched its peak when the positive cases reached a mammoth 4.1 lakh. However, at present, the number of new positive cases across India has gone down drastically as compared to other countries of the world.

If we go with the dates, it was exactly two years ago on March 24, 2020, when the first nationwide complete lockdown of 21 days was imposed. However, looking into the growth rate of the virus, the lockdown was extended till 31st May in a phase-wise manner after which, relaxations were given in a phase-wise manner but the restrictions continued in containment zones. India also witnessed restrictions when the second hit the country in 2021.

Now, it is exactly after two years that India, after braving all odds and the success of the world’s ongoing vaccination drive, all the Covid related restrictions will be removed from 31st March with only the guidelines of mask and social distancing in place.

India stands stronger, compared to other countries

 The Center has taken this decision when cases of Omicron BA-2 are increasing continuously in China, South Korea, Vietnam, France and Germany. However, India is in a much better position to deal with Corona. The world’s largest and most successful vaccine campaign in India is going on at a fast pace and about 83% of the population above 18 years have received both the doses of the vaccine. In addition, about 50% of the population in the age gap of 15 to 18 years have received both the doses and about 7% of the children between the age gap of 12-14 years have got the first shot. As per the figures of the health ministry, less than 24,000 new cases of corona have been registered in the country in March till date.

GDP up by 30%, unemployment down by 15%

From day 1 when the total lockdown was imposed in India on March 24, 2020, to the last day till 31st May 2020 when restrictions were slowly relaxed, there were a lot of speculations and questions as to how a country with the second largest population in the world will recover. However, with a strong and committed team of ministers, bureaucrats, and professionals, PM Narendra Modi worked tirelessly and at present, India stands as a strong example in all dimensions for the world.

Exactly 2 years ago, the GDP reached a record low. The SENSEX had also fallen to the lowest level of the year. Unemployment and inflation were at its peak. However, as a matter of relief and pride for the nation, within two years, India recorded recovery better than expected. The GDP has improved to 30% from its lowest level and the unemployment rate also dropped by 15%. After touching the highest level, the SENSEX has now recorded a gain of about 31,000 points since the time of lockdown.

The exports of India are also zooming ahead and for the first time in the country’s history, exports have crossed $400 billion (Rs 30.6 lakh crore). In 2021, it was about $300 billion (Rs 22.9 lakh crore). The figures are bound to rise higher thanks to the liberal export policies of the central government. Growth in the real estate and the auto sector is also at an all-time high and there is a four-times growth in digital transactions.

 Other stats:

•       GDP: Went down to 24.4% in April-June 2020 but it has reached 5.4% in October to December 2021.
•       Unemployment: In April 2020, the unemployment rate was 23.52%. It dropped to 11.84% in May 2021’ and then to 8.1% in February 2022.
•       Service Sector: PMI (Purchase Managers’ Index) was at a record low of 5.4 in April 2020. However, it improved drastically to 51.8 in February 2022.
•       Digital payments: Transactions worth ₹2.06 lakh crore took place in March-2020 and  ₹8.26 lakh crore in February-2022.

 

The economic policy measures taken by the Modi-led central government during the past two years helped India’s economy to bounce back faster than other countries after the pandemic. the reforms implemented by the government provided a fillip to the business ecosystem in the country and the government also undertook far-reaching structural reforms, making use of the mantra of ‘Reform, Perform and Transform’.

 

Thanks for reading the article. Your comments are solicited. Please feel free to share the article.