The world’s economy has already not recovered itself with a recession period another side COVID-19 spoils the balanced economy of the world. Every country is a great victim of the Noval Corona Virus. Death cases are increased day by day and all essential steps taken by all countries are vain.
Indian economy suffering from daily losses around ₹ 30,000 to 40,000 crore per day. Now India in its second round of the COVID-19, in which wealth of equity investors are already wiped off around worth ₹ 52.2 lakh crore with benchmarks Sensex and Nifty grow weak at a multi-year low after falling 35 percent from their January.
Recently in India, only 20% of productions are running includes daily essentials needs moreover 80% of productions are stopped or lost due to Lockdown with COVID-19.
With the graphical data of the Noval Corona Virus victims and death cases are going up day by day. There is no guarantee that the Lockdown period will be over after 21 days as well as there is no ascertain way that it will be increased from 21 days to 30-60 days.
Origin of corona-virus in November 2019 at Wuhan (China) and the first case was reported in India in January 2020 at Kerala.
It brought about the first round of impact on India, where Indian companies are not fulfilling the supply properly due to their over-dependence on Chinese imports.
Every manufacturing sector is affected by supply from china but adverse effects on automobile and pharmaceutical industries are higher than any other industries which are over-dependence on China imports.
Indian citizens are facing many financial and health problems, and then Govt. of India has announced benefits to Citizens of India regarding postponed of all banks and NBFCs loans, EMI and benefits to Corona Warriors like Police, Doctors, and other Hospital Staff, etc.
After the lockdown period, Small and medium enterprises, as well as Indian citizens, will be facing a shortage of cash flow, unemployment, low production of goods, etc.
Due to the lockdown situation in the country doesn’t mean that the production of daily essential needs products is to go up. The same holds for agriculture even though food grain may not be reaching in some cities, towns, and villages, which means farmer income does not increase. Lack of labor due to COVID-19 is also hit its Great impact on agriculture production.
National Congress Party Chief Sharad Pawar asks people to support the economy with the effect of COVID-19.
- NCP chief Sharad Pawar on Monday said that “Everyone needs to be ready for the impact of a coronavirus outbreak on the country’s economy as business activities have come to a standstill”.
- He also said to the public that “Country’s economic situation looks very serious and according to experts, the GDP would come down to two percent”.
- He asked citizens to stop unnecessary expenditures and stay at home to break the chain or contain the spread of the deadly viral infection.