IMF summary of economic responses of India Govt on human and economic impact of COVID-19 pandemic

The economic impact of COVID-19 has been substantial and broad-based. GDP contracted sharply in 2020Q2 (-24.4 percent year-on-year) due to the unprecedented lockdowns to control the spread of COVID-19. The contraction moderated to -7.4 percent year-on-year in 2020Q3, and growth returned to positive territory in 2020Q4 and 2021Q1, at 0.5 percent and 1.6 percent, respectively. The national statistical office revised up FY2020/21 GDP growth to -7.3% in the latest provisional estimate.

IMF Concludes Surveillance Review 2021 of global crisis resulting from COVID-19 pandemic

Directors agreed with the CSR’s assessment that a macroeconomic landscape characterized by elevated uncertainties about the recovery from the COVID-19 pandemic will create difficult trade-offs for policymakers as they seek to achieve inclusive and sustainable growth and stability. Important trends—in digital technology, climate change, inequality, demographics, and geopolitics—affecting economic sustainability will also present opportunities and challenges and, where macro-critical, will need to be incorporated in the Fund’s surveillance.