The coronavirus, also name as ‘Covid-19’ has affected the economic growth of almost all the countries in the world. Unfortunately, India is one of them. But exactly how badly has this virus affected the growth of India? And how long will it take us to get back where we were? In today’s article, we will be covering this topic.
The World Bank reported that India’s growth for FY2021(Fiscal Year 2021) has been the lowest figures from the last three decades since the economic liberalization in the 1990s. A deep-recession was forecasted after the announcement of the economic package in which India’s GDP estimates were reduced to negative figures. However, we are not the only ones who are experiencing such a situation. The ratings of more than 30 countries have been downgraded in this period. An estimate of 14 crore people in India lost their jobs while even more were given salary-cut. Reports say that the economy is to lose $4 billion or more every year. More than half of the businesses in India were adversely affected. Startups are at risk as the funding as fallen. Major companies have either reduced or completely suspended operations. The Government of India announced a variety of measures to tackle the situation, from food security and extra funds for healthcare and for the states, to sector related incentives and tax deadline extensions.
On 12 May the Prime Minister, in an address to the nation, said that the coronavirus crisis should be seen as an opportunity, laying emphasis on domestic products and "economic self-reliance", an Atmanirbhar Bharat (Self-reliant India) through a Atmanirbhar Bharat Abhiyan (Self-reliant India Mission).
The pandemic situation is still on-going and some regions in India are still under strict lockdown. It is predicted that the situation in India might become comparatively normal by mid September. But how can we, the common people, help to bring out country back to where it was? We can start of by supporting out local businesses and companies. Avoid buying products and/or services from other countries like China. Encourage yourself to set up a small-scale business.
For the youngsters; try and make the most out of your time at home. You have a lot of free time that you can utilize in learning a new skill, reading a book, gaining new knowledge and stay updates with the world. We have to pave the bricks of out future with our own hands. And looking at our future, it’s not going to be easy. The whole world is in an economical ditch so getting jobs aren’t going to be exactly like running a hot knife through butter. Read the situations and learn the skills that will be useful in the future. Respect all the healthcare workers, farmers, engineers, teachers and many other professionals who are working tirelessly to make you feel as normal as possible.
Stay home; stay safe :)
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