how does lockdown effect our indian economy??? explain briefly.....for good answer I will mark as branliest...❤️❤️♥️♥️❣️❣️
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how does lockdown effect our indian economy??? explain briefly.....for good answer I will mark as branliest...❤️❤️♥️♥️❣️❣️
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Answer:
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Explanation:
The 21-day nationwide lockdown imposed on March 24 is in its final days but an extension now seems inevitable, with a number of state chief ministers seeking a longer period of restricted activity.
The result will be a loss of significant economic activity for an even longer period of time. High frequency indicators for March and early April are already reflecting the impact of a sudden stop in economic activity.
From sales of petroleum products to port activity and a spike in unemployment, the data is beginning to reflect an economy at a near standstill.
Unemployment Rate
While India does not have official high frequency labour market data, the unemployment rate put together by the Centre For Monitoring Indian Economy, or CMIE, shows a spike in the last week of March and the first week of April.
The unemployment rate during the last week of March rose to 23.8 percent and stayed around those levels in the first week of April.
To be sure, the survey was conducted under lockdown conditions and hence the sample size was materially smaller, CMIE said.