<p>
India&#39;s timely and stringent lockdown to curb the spread of Covid-19 pandemic led to the &#39;V&#39;-shaped economic recovery, said the Economic Survey 2020-21.</p>
<p>
The document was tabled by Finance Minister Nirmala Sitharaman in Parliament on Friday.</p>
<p>
&quot;Evidence from the experience of Spanish flu establishes that cities that intervened with lockdowns earlier and more aggressively experience stronger recovery in the economic front in the long run,&quot; the survey said.</p>
<p>
&quot;Learning from this experience, India implemented an early and stringent lockdown from late March to May to curb the pace of spread of Covid-19. With the economy brought to a standstill for two complete months, the inevitable effect was a 23.9 per cent contraction in GDP as compared to previous year&#39;s quarter.&quot;</p>
<p>
According to the survey, since the gradual &#39;Unlock&#39; since June, 2020, the country has experienced a &#39;V&#39;-shaped recovery.</p>
<p>
Besides, the document prepared by Finance Ministry&#39;s Chief Economic Adviser Krishnamurthy V. Subramanian said &#39;V&#39;-shaped economic recovery while avoiding a second wave of infections make India a &#39;sui generis&#39; case in this unique, synchronized global recession.</p>
<p>
&quot;Despite the hard hitting economic shock created by the global pandemic, India is witnessing a V-shaped recovery with a stable macroeconomic situation aided by a stable currency, comfortable current account, burgeoning forex reserves, and encouraging signs in the manufacturing sector output,&quot; the document said.</p>
<p>
&quot;India is reaping the &#39;lockdown dividend&#39; from the brave, preventive measures adopted at the onset of the pandemic, which were based on the humane principle advocated eloquently in the Mahabharata….&quot;</p>
<p>
As per the survey, the policy maturity and the alacrity displayed to not &quot;waste a crisis&quot; has helped the country to save both &#39;lives&#39; and &#39;livelihoods&#39; in its own unique way and has shifted the focus away from the short-term pain created by the crisis to the potential for long-term gains engendered by the policy response.</p>
Prime Minister Narendra Modi is set to hold a bilateral meeting with Chinese President Xi…
Taiwan's Ministry of National Defence (MND) said on Wednesday that China has launched satellites from…
Indian Navy Chief Admiral Dinesh K Tripathi during his visit to the National Defence College,…
Protesters in Bangladesh have seiged Banga Bhaban, the presidential palace, demanding the resignation of President…
Prime Minister Narendra Modi held a meeting with Iranian President Masoud Pezeshkian on the sidelines…
Prime Minister Narendra Modi discussed the issue of early discharge of the remaining Indian nationals…