The global pandemic of 2020 that raised concerns on public health later lead to lockdown for several days. Covid19 severely affected the national economy and financial markets.
The Indian government introduced lockdown as mitigation measures to control the spread. Transportations shutdown, services and industries had to draw down their shutters.
Private consumption is slow-paced now due to reduced income and the rise of unemployment.
Already suffering under threats of globalisation, urbanisation and environmental change, the national economy crippled under this added pressure of covid19. The burnt is faced by one and all.
Amid the reduced productivity, loss of life, business closures, trade disruption and decimation of the tourism industry, the micro virus has eroded revenue and diminished investor confidence. The crisis led to foreign investors pulling back massive amounts from India. The economic stress has been multiplying, and the national economy has come to a stand-still.
With migrants on foot due to loss of a job, lack of social security and daily ration, rupee continuously facing depreciation, MSME (ministry of small and medium enterprises) will see an acute cash crisis.
But this isn’t the first time we’ve faced this kind of crisis in the national economy. Back in 2008, it was a similar situation when the recession happened. Nobody knew what the future was going to be like. But now, when you look back will know that the economy had bounced back and that too it emerged being more sturdy and dynamic. That’s because we focused on the technologies of the future and made better decisions.
So know, as we stand rigid against Covid19, let’s take this as a unique chance.
It is now time for India to reconsider the development model. Set new standards and be a part of global supply chains. The Indian government needs to develop substantial “Make In India” amendments with supporting labour reforms. The world has lost its faith in our neighbours, and this has opened vast opportunities for India.
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