Ecowrap reports that the GDP of the state bank of India is 16.5% during the first quarter of the current fiscal year.
The Quater1 Financial Year 21 GDP contraction reported by Ecowrap in May at over 20 percent and now is now just below 16.5% in the quarter, “but with the appropriate precautions in the present uneasy scenario,” stated in the research report reports.
In terms of the result for the listed firms, corporate GVA decline (better than forecast outcomes of other financial and non-Financial businesses) has been much better than profit decline in Q1 FY21.
Roughly 1000 listed entities have so far announced their first-quarter results. The findings show a decrease of more than 25 percentage of the total and a decrease of more than 55% in the final figure.
Nevertheless, the decrease in GVA (gross value added) of companies is only 14.1% it is important to note.
“In practice, cost rationalization has significantly outstripped the decrease in sales of listed companies and thus has little effect on marginalization,” says the study.
In addition, Coronavirus has now reached rural areas substantially during the months of July and August. In rural districts, the proportion of cases in total new cases in August increased to 54%.
However, there has been a large decline in rural districts with fewer than 10 cases. The rising infiltration of coronavirus into rural areas has seriously affected Andhra Pradesh and Maharashtra. The study reports that “these districts are primarily involved in approximately 2 to 4% of GSDP (Gross State Domestic Product) from their respective states.
The overall study predicts a loss (GSDP) of 16.8 percent of GSDP from COVID-19.
State-wide analyzes have shown that 73.8% of the total GDP losses are in the top 10 states, while 14.2% of the total losses were in the form of Maharashtra and then Tamil Nadu (9.2%) and Uttar Pradesh (8.2%), the study states.
Then the per capita per person loss for India is approximately Rs. 27,000 and the FY 21 reports statements to indicate a loss of more than Rs.40,000 per person for States like Tamil Nadu, Gujarat, Telangana, Delhi, Haryana, Goa.
