Indian economy was rolling down a hill. With Covid-19, it’s falling off a cliff
India is on the verge of an unprecedented economic catastrophe as the humanitarian disaster from the Covid-19 pandemic unfolds. The sheer scale of disruption from the ongoing 21-day national lockdown, announced by prime minister Narendra Modi on March 24 to contain the outbreak, is unprecedented in Indian history. The disruption is much starker than the global financial crisis of 2008, which hit the Indian financial sector and real demand, but did not bring production to a halt.
