Are you aware that the delta Coronavirus was first detected in India in October 2020? The delta virus is one of the new virus variants that has appeared which seriously affected every country in the world. As this delta Coronavirus was first found in India and the mortality rates have increased since then, India’s economy has shifted a lot these days. Especially as the Coronavirus has been fluttering for 2 years, the economy has differed in 2021.
To elaborate about India’s economy that has changed, the GDP of 2019 in India was 2870.5 billion US dollars. As Covid emerged in 2019, the GDP of 2020 was affected a lot due to the virus, which decreased the GDP rate to 2708.77 billion dollars in 2020. The current GDP of India in 2021 has increased to 3049.7 billion dollars, which is better than 2020 when the Covid virus was first found in the world. This is because India did work hard to get its economy back. Still, the rate of increase of GDP is less than the previous increased GDP rate from 2009 to 2010, which concludes that India is still having a hard time getting its GDP rate higher. This is only one effect that Coronavirus has made on India.
To know the further change of India’s economy in 2021, the unemployment rate is what determines the economy. India’s unemployment rate in 2019 was 5.17% and in 2020 was 7.11%. This also was due to Covid which made people lose their jobs. The current unemployment rate in 2021 is 10.07%, which has increased little from last year but still is a very high percentage of unemployment data. The data of GDP rate and unemployment rate helps to get to the conclusion that India’s economy is better than 2020, but still is in depression presently.
By: Chaehyun Yun