National lockdown will fully devastate India's economy: Analysts
India will be in a state of nation-wide lockdown till April 14. The 21-day lockdown, which Modi has described as a kind of a curfew, is going to "fully destroy the economy", some analysts are warning.
As per them, the lockdown is unprecedented and more sweeping than even the 2016 Demonetization. "Modi has announced this lockdown without taking into consideration the deleterious impact a shutdown is going to have on the economy. With the manufacturing and services sector seeing depressed demand, the consumption will hit rock bottom on the back of depleting wages for millions. Already, there is a banking sector crisis. We are in for big trouble," a commentator says.
Others say that the time is ripe for the announcement of a huge economic stimulus, without which India's economy won't be able to limp back to normalcy.