COVID 19: IMPACT ON INDIAN ECONOMY- BY: ADITYA NARAYAN SINHA

It is said that the things which was going to happen in 2012 are happening in this year (2020). More than a thousand people are dying each and every day. There are around more than two lakhs fifty-two thousand death have been seen till date. This year is considered the worst year of 21st Century. People are saying that in every 100 year, something bad occurs. Nobody has ever thought that entire world would be at sleep. Mumbai is known to be the city which never sleeps. But if we see the current situation, entire Mumbai has stopped. Entire world has stopped. People are at home. This time has been utilized by people in many ways. Like some people are learning new skills, some people are utilizing there skills, some people are finding new hobby, some people are doing creative work, some people are doing work from home and some are being more lazy too..!!

HISTORY OF COVID 19

Covid-19 is also

called as “Severe Acute Respiratory Syndrome Coronavirus 2” (SARS-COV-2) which starts from the meat market of Wuhan City, Wuhan. The world knows about this virus first time on 31st December when china alerted WHO (World Health Organization) about this harmful virus but some people believes this is man-made virus which comes from the lab which is situated in Wuhan. On January 31st WHO declared COVID-19 is Public Health Emergency on international concern and on march 11 WHO declared COVID-19 is pandemic.

Between all the allegations by America on February 7 china come with a statement that states this virus could spread from animals like illegally trafficked pangolins, which used in Asia for food and medicines. They also pointed that the originated source of this virus is maybe snakes or bats.

Till date 05th May in India around 32000+ activated cases and around 11000+ people are recovered from this deadly virus. Indian government first imposed a 21 days’ lockdown but situation is not fully controlled that why government comes with lockdown2.0 which was till 03 May but it also extends up to 17th May. Indian government divides the country in 3 zones RED, ORANGE, GREEN. There are total 130 cities in Red zones, 284 cities in Orange zones and 319 cities in Green Zones.

COVID – 19 IMPACT ON INDIAN ECONOMY

As per the FCCI survey, In India up to 53% of companies have specified a particular amount of impact of shutdowns caused thanks to COVID-19 on operations. Various business-like hotels and airlines are cutting salaries and shedding employees. By 24 April the percentage had increased nearly 19% within a month, reaching 26% unemployment across India, consistent with the "Centre for Monitoring Indian Economy". Around 140,000 Indian lost employment within the lockdown. quite 45% households across the state have reported an income drop as compared to the previous year. Industries have estimated the loss of 420million dollar in India. Many funding’s of the start-up are affected very badly. On 4 April, former Federal Reserve Bank of India chief Raghuram Rajan said that pandemic in India may be the "greatest emergency since Independence". the previous Chief Economic Advisor to the govt of India has said that India should steel oneself against a negative rate of growth.STEPS TAKEN BY THE GOVERNMENT OF INDIA

The Indian government announced a $22.6 billion package to assist the poor who are suffering from the coronavirus outbreak. the govt also plans to supply wheat, rice and pulses freed from cost to approximately 800 low-income families over subsequent three months. Further, cooking-gas cylinders are going to be provided to 83 million poor families and a $13.31 cash-transfer are going to be provided to 30 million senior citizens. the govt will provide $6.65 per month to approximately 200 million poor women for 3 months. Medical insurance worth five million rupees ($66,000) are going to be provided for healthcare workers including doctors, nurses and paramedics.



POST - ECONOMIC RECOVERY

On 23rd April 2020, Confederation of Indian trade in an exceedingly paper titled "A arrange for economic recovery", made public measures that the govt. need to take like money transfers to JAM account holders, a credit protection theme for little , tiny and Medium Enterprises and creation of a special purpose vehicle to limit "Government exposure whereas providing adequate liquidity to industry". On 24 April Bina Agarwal, an Indian development economist, has suggested that the govt "create green worker pools, not green zones" as a part of lockdown re-calibration efforts. Experts also acknowledged that to point out higher GDP growth in revised numbers recently, the govt has reduced the bottom within the previous year.