Essay on long term impact of covid 19 on Indian society
Answers
Explanation:
Things are moving fast with the COVID-19 novel coronavirus. On March 12, the World Health Organization declared that the virus is now a pandemic and President Trump announced a 30-day ban on all travel from the EU to the U.S. One thing is sure: COVID-19 is the quintessential ‘black swan’. Two key features of black swans are that their occurrence is highly unlikely and their impact is very big, which was also the case for the 9/11 terrorist attacks in 2001 or the global financial crisis of 2008-09. This brings us to one simple question that we try to answer in this column: what is the economic impact of COVID-19 on the Indian economy? As we focus on the economic effects, we want to stress beforehand that we fully realise that there is much human suffering beneath the cold figures presented in this article.
Explanation:
The economic impact of the 2019–20 coronavirus pandemic in India has been largely disruptive. The World Bank and credit rating agencies have downgraded India's growth for fiscal year 2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s.[1][2] The former Chief Economic Advisor to the Government of India has said that India should prepare for a negative growth rate in FY21.[3][4] However, the International Monetary Fund projection for India for the Financial Year 2021-22 of 1.9% GDP growth is the highest among G-20 nations.[5] Within a month, unemployment rose from 6.7% on 15 March to 26% on 19 April.[6] During the lockdown, an estimated 14 crore (140 million) people have lost employment.[6] More than 45% of households across the nation have reported an income drop as compared to the previous year.[7]