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Covid-19 Hits India’s Already Faltering Consumers Hardest
India has one of the tightest lockdowns in the world, Google activity data around retail locations shows mobility down 55% compared to 18% in the U.S. Yet cases are surging and are at a high of 10,000 per day for the last week with deaths up from 600 a day to 1000.
With consumers preparing for the long run there is less spending and more money going into saving. Sales of everything from shampoo to cars are down. Sales of Suzuki in India are down 83%, and smartphone sales down by 51% in the second quarter of 2020.
GDP is expected to be down by 7% for the fiscal year to March 2021 similar to GDP declines in Europe and the U.S.
As consumer spending declines the government is planning increasing spending on much needed infrastructure.
India's experience tackling coronavirus- lockdown success and the huge wave of cases after reopening
09/10/2020
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Record Covid-19 Numbers and Economic Downturn Throw India Into Crisis
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Coronavirus updates: India overtakes Brazil to record 4.2m infections - BBC News
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India Covid-19 numbers explained, September 1: Pune is now ground zero
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Coronavirus: India surpasses US for highest single-day rise in Covid-19 cases
BBC News 08/31/2020
Covid-19 Hits India’s Already Faltering Consumers Hardest
WSJ 08/20/2020
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