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28 May 2020
The Covid-19 pandemic has become the world’s biggest socio-political and economic shock since World War II, a rare disaster, affecting millions, both in terms of health as well as the economic challenges consequent to the series of lockdowns.
Under the assumption that the pandemic, and required containment, will peak in the second quarter for most countries and recede in the second half of the year, the April World Economic Outlook projected global growth in 2020 to fall to -3 per cent. This is a downgrade of 6.3 percentage points from January 2020, making the Great Lockdown the worst recession since the Great Depression, and far worse than the global financial crisis of 2008. In such a scenario, the country needs an infusion of motivation through fiscal measures to rise up and fight its economic battles.
The relief stimulus announced by the Centre on May 12, 2020, extended to industry and individuals through various measures and schemes is, therefore, a welcome and a much-needed step. The various stimuli packages are designed to aid the Indian economy to rise up and march on the road to recovery.
Source : https://bloncampus.thehindubusinessline.com/people-at-work/post-lockdown-built-environment-sector-to-see-a-lot-of-action/article31694553.ece