While the Center has announced the special economic package of Rs 20 lakh crore to resuscitate and revive the ailing economy in the wake of the Coronavirus outbreak and the lockdown, the latest report released by SBI Ecowrap has revealed that the country has recorded the economic loss of more than the special stimulus due to the pandemic. 

According to the report, the sequel of the outbreak and the lockdown have contributed to encounter the economic loss of Rs 30.3 lakh crore nationally which is more than 50 percent of the economic relief package announced by the Center, which it has claimed as ten percent of country's total GDP. The report highlighted that the state with more COVID-19 cases have incurred huge GDP loss. 

The report has calculated the total loss through the estimation of the district wise, zone wise loss in GSDP (Gross State Domestic Product) for each state and ascertained that the total GSDP loss in the wake of the outbreak has been recorded at Rs 30.3 lakh crore and the loss is about 13.5% of the total GSDP of the states. The top ten worst hit COVID-19 states in India had contributed nearly 75 percent of the total GDP loss. 

Maharashtra, Tamil Nadu, and Gujarat are in the first three places with the most number of COVID-19 cases in the country and it has reported 15.6%, 9.4%, and Gujarat 8.6% of 75 percent respectively. The study identified that the red zones in the country had accounted for more than 50% of the total loss as these zones house major cities and districts. Last week, Tamil Nadu Chief Minister Edappadi Palaniswami has said that the state would incur the revenue loss of Rs 35,000 crore as the state had seen the decline in the revenue of Goods and Service Tax (GST).  On the other hand, the areas that are mapped under the green zones have been reported with minimal loss.

The report had attributed the minimal loss in the green zones to the functioning of most of the economic activities unlike how it has been restricted in the red zones. The unprecedented experiment of the lockdown has largely been plummeting the economic growth in the country and the report outlines that the economic loss has surpassed the revival package which has alarmed the center to formulate the trajectory of balance the health and economical crisis. Meanwhile, the reports stated that the government hasn't issued any official statement concerning the loss caused by the pandemic and the lockdown aftermath of the outbreak.

On Monday, India has entered the list of top ten worst hit COVID19 countries in the world and it currently stands at tenth place. Last week, the Health Ministry said that 7.9 people per lakh population in India has been affected by Coronavirus (COVID-19) so far which, according to the ministry, is relatively low while compared to the global average which stands at 62 people per lakh population.

The top ten worst-affected countries are the United States, Brazil, Russia, the United Kingdom, Spain, Italy, France, Germany, Turkey, and India. According to the reports, India would likely surpass Turkey's tally in another four days if the country's graph stays upward with soaring high cases. 

Also read: Amid the lockdown, India gets into the list of top ten worst-hit countries by COVID-19!