April – India will not be able to recover from the financial crisis that has started in Corona for the entire year. Goldman Sachs, an international financial company, expressed this concern in their survey report. On the other hand, the United Nations Organization for International Workers (ILO) has said that the unorganized workers of India will be the worst affected by this corona disaster. Nearly 3 million unorganized workers will lose their jobs in this financial disaster and plunge into poverty. In India, 5 percent of the total workers are unorganized workers. In the first 20-day lockdown in India, the unorganized workers did not get enough relief. Unpaid wages. The vast majority of the unorganized workers are the average workers. He lost his job in the lockdown and lost his life on the road without having to go to the house without having to go for help. Some of their families did not match. The government has not made any arrangements to return to their homes. No change in the picture of this suffering will be found next year. That is what all survey institutions say. Union Finance Minister Nirmala Sitharaman started the first budget of the second Modi government two years ago as the country’s economy was turning around. Stay away, the recession has worsened throughout the country. It’s been before Corona. In February this year, Sitharaman made the same statement before the Corona announcement. In the economy, he sees the potential for a turnaround. The Finance Minister has stopped talking about turning the economy around after the Corona disaster at the end of March after the budget was submitted in February. Goldman Sachs says the country’s domestic production growth rate (GDP) will decline by 8.5 percent in 2021-220, given the situation in which India’s economy has been hit by the disaster. The finance minister could not reach the target of 5 percent of GDP. In the first quarter (during the lockdown) growth rate is decreasing by (-) 8.5 percent, in the second quarter it is (-) 5 percent, 2 percent in the third and fourth quarters. As a result, the company said there was a negative trend in the growth rate for the entire year. Goldman Sachs, meanwhile, predicts that the global GDP growth rate will decline to 1.5 billion in the current financial year due to the global financial crisis. The GDP growth rate for the first quarter of 2021 is expected to be 5.9 percent. Which is below the growth rate of 5 years. Various international organizations are reporting that the financial crisis that has come down in Corona can be termed even worse than during World War II. Meanwhile, the agency says the economic activities that are most affected include the agriculture and entertainment industries and the hotel and restaurant industries. Goldman Sachs says previously it was estimated that losses in these cases would be 5 to 5 percent. Now the loss rate will be 5 percent. They report that 5 percent of GDP depends on consumer goods transactions. As the income of the people is reduced, the rate of GDP is expected to decrease drastically.
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