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COVID-19 Impact on Common Man in India: every Indian’s pocket would bear a loss of Rs 27,000, as per SBI report.

 COVID-19 Impact on Common Man in India: every Indian’s pocket would bear a loss of Rs 27,000, as per SBI report.

New Delhi: Covid-19 pandemic has affected the economy of the country in an unprecedented manner. While the country continues to battle at both health and economic fronts, it has come to fore that that the pandemic has not only claimed lives and affected health of the population, but the common had to suffer huge financial losses as well.

As per the latest report, by State Bank of India,  the country could overall suffer a loss of Rs 38 lakh crore in the current financial year, which is 16.9 percent of India’s GDP. This implies that the per capita income of every citizen of the country is estimated to be cut by about Rs 27,000. In other words, in the current financial year, every Indian’s pocket would bear a loss of Rs 27,000, as per SBI report.

The report also provided a state-wise breakup of how the pandemic has hit the per capita income of states. In Delhi, a per capita loss of Rs 87,223 is estimated , while the common man in Gujarat is estimated to face a loss of Rs. 45,018. Below is the table of losses incurred per person in the listed states.

StatesPer Capita Loss
DelhiRs. 87,223
GujaratRs. 45,018
MaharashtraRs. 38, 841
PunjabRs. 34,081
Uttar PradeshRs. 14,006

Looking at overall economic loss in the Financial Year 2021, Maharashtra which attracts maximum investment, is the worst-hit . Here is a list of states and the FY21 loss for these states.

StatesCovid-19 CasesTotal loss for FY21
Maharashtra6.93 lakh5.39 lakh crore
Tamil Nadu3.85 lakh3.51 lakh crore
Uttar Pradesh1.92 lakh3.11 lakh crore
Adhra Pradesh3.61 lakh2.53 lakh crore
Uttar Pradesh1.92 lakh3.11 lakh crore
Adhra Pradesh3.61 lakh2.53 lakh crore
Karnataka2.83 lakh2.54 lakh crore
Delhi1.61 lakh1.66 lakh crore

On another grim note, a recent survey conducted by online by human resource solutions provider Genius Consultants during April-June, stated that nearly 50 per cent of respondents believe that coronavirus-related lockdown has affected their work-life balance. About 42.60 per cent of respondents said one of the major difficulties they have been facing while searching for a job in this scenario is compromising on the current pay scale. 

The survey found that 39.72 per cent felt that lack of opportunities was another challenge while 17.68 per cent felt relocation was an issue.

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