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COVID-19 Impact on Indian Economy

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It seems like the entire world is talking about coronavirus (COVID-19)  and why not?.

 This virus has caused so much panic. There is uncertainty about when all this will end and a heavy fear of infection. The constant fear is causing anxiety, loneliness, unnecessary suspicion, sleeplessness in people.

 As per the data, the death rate is still meagre, so there is no need to fear. But the most important thing that we need to fear is ITS IMPACT ON OUR ECONOMY. Because of this pandemic, the government had to declare lockdown throughout the country.

During the lockdown, an estimated 14 crore people lost employment while salaries were cut for many others.

 More than 45% of households across the nation have reported an income drop as compared to the previous year. Young startups have been impacted as funding has fallen. Now the Government is slowly opening everything up to take care of our economy. 

The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India’s growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably, India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has “magnified pre-existing risks to India’s economic outlook”.
Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June. During the lockdown, an estimated 14 crore (140 million) people lost employment while salaries were cut for many others. More than 45% of households across the nation have reported an income drop as compared to the previous year. The Indian economy was expected to lose over 32,000 crores (US$4.5 billion) every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak. Under complete lockdown, less than a quarter of India’s $2.8 trillion economic movements was functional. Up to 53% of businesses in the country were projected to be significantly affected. Supply chains have been put under stress with the lockdown restrictions in place; initially, there was a lack of clarity in streamlining what an “essential” is and what is not. Those in the informal sectors and daily wage groups have been at the most risk. A large number of farmers around the country who grow perishables also faced uncertainty.

Source: https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India


We do not have to be afraid of this virus, we just need to fight by following some safety measures. Hope for this situation finish as soon as possible and help to others.

 So,

Help others as much as possible

Keep washing your hands

Don’t touch your face without washing hands

Follow social distancing

Wear masks

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