ranjan

The crisis was caused by currency overvaluation, current account deficit and investor confidence played significant role in the sharp exchange rate depreciation. The economic crisis was primarily due to the large and growing fiscal imbalances over the 1980s. During mid-eighties, India started having the balance of payments problems. Whether one goes by data or anecdote, that the Indian economy has been experiencing a contraction- rather than growth - since March 2020 has been evident from all accounts. It has been almost six months since the crisis broke, we are no longer using the strange term "negative growth" and are getting used to calling the change in GDP for what it really is: contraction.  Of course, the Covid-19 crisis is not unique in India. It is a global shock that is playing havoc in the world. So, in order to have a sense of how bad the economic impact has been, we should compare India with other countries. Much of the recovery in the later months of 2020 has be