Mumbai: Inequality gap in India will decrease after Kovid-19 epidemic. It has been stated in this report of State Bank of India (SBI). According to the report, after this epidemic, the income of rich states is expected to decrease more than that of poor states. The report said that the per capita income at the all-India level in the current financial year is expected to decrease by 5.4 percent. The income of people living in a single country or geographic region is measured by per capita income. SBI has said in its report, “We expect inequality to decrease in India after COVID-19 as the income of rich states may decrease more than that of poor states”.
The SBI has said that after the fall of the Berlin Wall in 1989, there was a similar reduction in inequality in Germany. The report of the country’s largest commercial bank said that nominal GDP growth (3.8 per cent) in per capita income is expected to fall by more than. Globally, the same trend is expected to continue.
The bank’s report said that the states where per capita income is higher than the country’s average are likely to be the most affected in this context.
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The decline in per capita income in Delhi (-15.4 per cent) and Chandigarh (-13.9 per cent) is estimated to be more than three times the all-India level (-5.4 per cent),” the report said.
The report said that there is a possibility of double-digit decline in per capita income in eight states and union territories in the current financial year. This situation is more worrisome as these states account for 47 per cent of the country’s GDP.
The report stated that the lockdown was most effectively implemented in these urban areas. The closure of markets, shopping complexes and malls has greatly affected the income of the people of these areas. In this report, despite the opening of the market, the number of customers is around 70-80 percent of the normal.
This report projected a contraction of 6.8 per cent in GDP in the current financial year. This report states that V-shape recovery can be seen in FY 2021-22 due to strong base.
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