Punjab fall by Rs 1,200-1,700 Crore of GDP due to Lockdown

Due nationwide lockdown from the long month for Coronavirus the economic activity of  Punjab badly affected According to a state task force report said on Tuesday. The state lost about Rs 1,200-1,700 crore of GDP per day during the first day of lockdown.

Reports said The main contributors to the GDP of Punjab are manufacturing, agriculture, investment and trade sector and these sectors get adversely affected not only during the period of lockdown but also in the coming months, the Exit Strategy for Covid-19 Lockdown Restrictions.

The employer of The Micro, Small and Medium Enterprises (MSME) sector is expected to be the worst hit at large in the state.

Punjab Chief Minister Amarinder Singh established the task force to determine measures for the state to get out from the lockdown.

The state Punjab is Known as the ‘depot of India because it is the highest contributor of wheat and rice in India.

The reports warned that the April-May period is very difficult for the harvesting of the rabi crop and sowing of the Kharif crop and this month is also an opportune time. If the lockdown will not end soon then whole food security will get damage. Not only food security but the fiscal condition of states may also suffer due to lockdown because tax and non-tax revenue streams are low.

The State task force has 20-member  operated by former IAS officer K.R. Lakhanpal, was tasked with suggesting steps in the short-term and medium-term, to address the public policy challenges for dealing with the COVID-19 epidemic.

On April 25 the state government set up another panel of experts, directed by economist and former Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia to make a new strategy.