Categories: Economy

Coronavirus impact on Economy

CORONA –  CURSE FOR ECONOMY

As today the whole world is dealing with the SARS- Corona a lot of chaos and crisis is going on in the world. Millions of people are infected with this virus. In our country also numerous corona infected cases were detected. Recently the new FY-2020 was started and India is expecting to work as per their new budget and to reach the new heights but this virus had almost crushed our economy as well as the plans which were made by the planning commission for FY-2020.

Country under lockdown

The whole country is under lockdown, all the industries whether manufacturing, aviation, textile, supply chain, etc were at half so as to reduce the spread of this virus the Govt of India had decided to lock down the whole country. From the economic point of view, this Pandemic has snatched the jobs of numerous people’s including factory workers, laborers, delivery executives, etc. Day by day our country is stepping down in the GDP index. This virus has drastically ruptured our economic growth because without doing any work a person cannot even earn a single rupee.

Numerous are stucked

Many of the people are starving because their savings were exhausted. Some people’s are stacked in different places far away from their homes because of this lockdown the transportation facilities were also stopped while some of them start moving to their homes on their foot because they are helpless. The Govt of India is taking all the necessary steps to counteract this Pandemic but somewhere our country is dealing with this virus as well as from the economic crisis.

CORONA affected like AQUA REGIA

As we all knew that aqua regia is a type of acid that dissolves almost all the metals in it whether it is gold or platinum. The SARS corona had also dissolved all the economic strategies which were to be conducted and implemented in this FY year but all are in vain. Every second many of the companies are facing a huge loss because of the men, money, and materials.

Consumers had stocked the goods

Supermarkets and online delivery services have reported huge growth in the demand of FMCG especially Sanitizers and Hand wash due to the fear of this pandemic. But their movement had given rise to huge chaos in supermarkets because now the supermarkets and online services don’t have enough stocks to fulfill the needy ones.

Factories are slowed down

In our country, industrial production, sales, and investments had rapidly fallen after the lockdown and this rate will keep on increasing due to the restrictions that have affected the supply chain management.

Fall in demands of luxury

Shops of car dealers, apparel and other have reported a huge fall in demand. This will likely have a cascading effect, by affecting their hospitality and tourism also.

Will India’s relief package enough?

As per the statement of the experts, they stated that this relief package is like a drop in the ocean because we can’t even imagine how adverse this virus can be.

Faiz & Mohtasham

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