How the pandemic situation affected in the economic life of citizens in India and world?
Dear Student ,
The pandemic situation has taken a troll in the economic life of citizens in India and world. The economic impact has been largely disruptive. According to the ministry of statistics , the growth of India has went down to 3.1% in the fourth quarter of fiscal year 2020. India' GDP estimates were also downgraded signalling deep recession. From big companies to young startups , all have been impacted massively. Major companies like L&T , Ultratech Cement , Aditya Birla Group temporarily suspended their operations while young startups suffered as the funding has fallen. The unemployment rate had increased nearly 19% within a month, reaching 26% unemployment across India in the month of April . Around 14 crore Indians lost their jobs due to coronavirus pandemic.Government revenue has been severely affected with tax collection going down. All sectors from agriculture to manufacturing to services have been majorly impacted by the Pandemic. Due to the lockdown, daily-wage workers were left with no work. Simultaneously, the lockdown restrictions also put a stop on the movement of buses and trains which led to these daily wage workers walking back to their villages without any transportation.
In the World , countries dealing with existing humanitarian crises or emergencies are particularly exposed to the effects of COVID-19. Even the countries with world class health facilities like Italy , France , UK suffered and saw massive loss of lives. There have been 3 big challenges due to Coronavirus pandemic : 1. Healthcare , 2. Economic and 3. Social .
Healthcare : There has been high burden of the functioning of the existing medical system and major challenges in the diagnosis, quarantine and treatment of suspected or confirmed cases
2. Economic : Significant slowing down of the global economy.
3. Social : Pandemic caused Undue stress among the population , Social distancing with our peers and family members , Postponement of examinations , Cancellation or postponement of large-scale sports and tournaments , Disruption of celebration of cultural, religious and festive events etc.
Regards.
The pandemic situation has taken a troll in the economic life of citizens in India and world. The economic impact has been largely disruptive. According to the ministry of statistics , the growth of India has went down to 3.1% in the fourth quarter of fiscal year 2020. India' GDP estimates were also downgraded signalling deep recession. From big companies to young startups , all have been impacted massively. Major companies like L&T , Ultratech Cement , Aditya Birla Group temporarily suspended their operations while young startups suffered as the funding has fallen. The unemployment rate had increased nearly 19% within a month, reaching 26% unemployment across India in the month of April . Around 14 crore Indians lost their jobs due to coronavirus pandemic.Government revenue has been severely affected with tax collection going down. All sectors from agriculture to manufacturing to services have been majorly impacted by the Pandemic. Due to the lockdown, daily-wage workers were left with no work. Simultaneously, the lockdown restrictions also put a stop on the movement of buses and trains which led to these daily wage workers walking back to their villages without any transportation.
In the World , countries dealing with existing humanitarian crises or emergencies are particularly exposed to the effects of COVID-19. Even the countries with world class health facilities like Italy , France , UK suffered and saw massive loss of lives. There have been 3 big challenges due to Coronavirus pandemic : 1. Healthcare , 2. Economic and 3. Social .
Healthcare : There has been high burden of the functioning of the existing medical system and major challenges in the diagnosis, quarantine and treatment of suspected or confirmed cases
2. Economic : Significant slowing down of the global economy.
3. Social : Pandemic caused Undue stress among the population , Social distancing with our peers and family members , Postponement of examinations , Cancellation or postponement of large-scale sports and tournaments , Disruption of celebration of cultural, religious and festive events etc.
Regards.