However, right when the government was looking to boost growth further by introducing a series of economic reforms, the world was struck by the Covid-19 pandemic in February 2020.
Here’s a look at some of the things that happened in these two years:
* India’s first technical recession:
The Covid-19 pandemic adversely impacted all economic parameters. With activities across the globe coming to a standstill owing to the lockdowns, the global economy contracted by over $3.7 trillion in 2020.
India entered into a recession for the first time in history in the first half of fiscal year 2020 with two successive quarters of negative growth.
The gross domestic product (GDP) shrunk by an unprecedented 24.4 per cent in the first quarter of the financial year 2020-21. However, due to spurt in…