how can digital india help us to be self reliant???opportunities on corona virus???
Answers
Answer:
Explanation:
In the last few months, the COVID-19 pandemic has been fast spreading across the world. Major economies of the world, including China, South Korea, Italy and USA among others have been hit hard by the pandemic. To control the pandemic, governments across the world, including the Indian government, have instituted lockdowns. In the coming months and quarters, these lockdowns will have a serious economic fall-out all around the world, including India. While this is clearly a threat, I believe that it poses a unique opportunity for India, provided we get our act together, think strategically and think out of the box.
Peeking a little into the future, we hypothesize the following effects on the economy resulting from the pandemic.
With many countries initiating lockdowns, economic output, especially in the manufacturing sector, will see a huge fall. Many people may also lose their jobs because of the economic slowdown. This in turn will lead to a rapid fall in consumer demand, which will have a ripple effect and the economy will slip into a recession.
In a recessionary economy, private companies will also find it hard to raise capital. With falling consumer demand and rising cost of capital, many companies may be forced to file for bankruptcy. The worst affected companies in this situation are likely to be startups and SMEs, which typically don’t have a large war chest to deal with such situations.
China is being blamed for this pandemic, because they failed to stop its global spread. It is likely, there will develop a lot of distrust towards the Chinese government and their policies. However, China is an important player in global supply chains, more so in the telecom and electronic equipment industry. The telecom industry, which was gearing up for the rollout of 5G network and services across the globe, might be the one of the most affected segments.
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BY Tolety Roshan