Maharashtra lost Rs 4 lakh cr: IIT-B

An Indian Institute of Technology Bombay (IIT-B) and ministry of human resource development initiative has calculated that the gross state domestic product (GSDP)

An Indian Institute of Technology Bombay (IIT-B) and ministry of human resource development initiative has calculated that the gross state domestic product (GSDP) — a monetary measure of the volume of all goods and services produced in a state — lost during the 21-day lockdown in India is Rs 4,86,710 crore or 3.46% of the country’s gross domestic product (GDP), which is the value of all goods and services produced in the country. The income lost by marginal and migrant workers due to the lockdown is almost 0.41 % of the GDP. Consumption expenditure has also fallen, including expenditure on entertainment, food and beverages. Lost consumption expenditure in 21 days of lockdown amounted to 0.56% of the GDP.

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In case of a two-month lockdown, the income lost by migrant workers may increase to 3% of the GDP and the GSDP loss could soar to 11% of the GDP. Maharashtra would lose the most in terms of production of goods and services, found the study.