A report by international management consulting firm Arthur D Little has highlighted that the Coronavirus outbreak will hit India the worst in terms of job loss, and people falling below poverty line due to steep fall in GDP. The report also highlights that around 135 million jobs could be lost while approximately 120 million people will fall below to the poverty line.
The report said that as people will lose their jobs, an impact will be seen in terms of spending, and reduced per-capita income further pushing down the country’s GDP.
The consulting firm has predicted a GDP contraction of 10.8 per cent for the current financial year adding that even in next financial year the GDP growth is expected to be marginal 0.8 per cent.
The report titled “India: Surmounting the economic challenges posed by COVID-19: A 10-point programme to revive and power India’s post-COVID economy” highlighted that the country may face an opportunity loss of $1 trillion dollar.
The report has suggests that the country should follow a 10-point programme that will help accelerate the economic recovery by providing safety to vulnerable, small and medium businesses.
The report endorses the ‘Make in India 2.0 will help the country capture global opportunities and has asked the government to focus on ‘Modern India’ to strengthen the country’s digital platform.