As COVID-19 began to spread, the economic shock was so strong that nearly a quarter of the country’s economic activity declined globally. CEBR’s estimate said, “Though Covid-19 delivered a major blow to the Indian economy, it was losing momentum even ahead of the pandemic due to a fragile banking system, adjustment to reforms, and deceleration of global trade. The rate of GDP growth sank to a more than 10-year low of 4.2 percent in 2019, down from 6.1 percent the previous year and around half the 8.3 percent growth rate in 2016.”
