How India should frame it's economic policy after the covid-19 crisis ends. (Max. 250 words)
Answers
Answer: Covid-19 or Coronavirus will have a lot of impact on India's economy. But, on the other hand there are lot of good things like companies are shifting from China to India, which will eventually strong Indian Economy . But due to lockdown many small and medium businesses are influenced. So, India's policies should concern small and medium businesses as well as issue of Laborers . If any country except for China makes a vaccine it will come to India for manufacturing, which will also help our economy. These are tough time but together we can and will fight Coronavirus or Covid19. Government could provide financial support to laborers and small and medium businesses . It should also provide loans to different sector and focus on health . Both Health and wealth is important for nation. So ,Government should make polices that could help economy as well as ensure that people do not transmit the infection(virus). Some steps taken by the government like opening metros , transport and industry are good but they should ensure social as well as physical distancing is maintained by the workers or the people . They should regularly wash hands with soap or use sanitizer.
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Answer:
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. The World Bank and rating agencies had initially 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. However after the announcement of the economic package in mid-May, India's GDP estimates were downgraded even more to negative figures, signalling a deep recession. On 26 May, CRISIL announced that this will perhaps be India's worst recession since independence.
Within a month, unemployment rose from 6.7% on 15 March to 26% on 19 April.[1] During the lockdown, an estimated 14 crore (140 million) people lost employment.[1] More than 45% of households across the nation have reported an income drop as compared to the previous year.[2] The Indian economy was expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak.[3]Under complete lockdown, less than a quarter of India's $2.8 trillion economic movement was functional.[5] Up to 53% of businesses in the country were projected to be significantly affected.[6] Supply chains have been put under stress with the lockdown restrictions in place; initially, there was a lack of clarity in streamlining what an "essential" is and what is not.[7] Those in the informal sectors and daily wage groups are the most at risk.[8] A large number of farmers around the country who grow perishables are also facing uncertainty. Various businesses such as hotels and airlines, are cutting salaries and laying off employees.
This can be solved or at least emerged from in the following ways:
1>(V-shaped recovery)
In this scenario, there will be a quick downturn in the first quarter of FY 2020-21 and a recovery from the second quarter onwards. A government stimulus will have the strongest impact, helping kickstart sectors such as construction and manufacturing. This hinges on the reduced spread of Covid-19 and minimal use of social distancing measures.
2>Invest in sustainable infrastructure
Infrastructure investments are an effective way to boost economic activity and create jobs. But what kind of infrastructure should be built? Data from the 2008-09 financial crisis shows that South Korea, which directed nearly 70% of its stimulus towards green measures, rebounded faster than other economies in the Organisation for Economic Co-operation and Development (OECD). In the United States’ 2009 Great Recession recovery package, investments in clean energy and public transport created more jobs than traditional investments.
India too should take this opportunity to increase support for renewable energy, particularly rooftop solar, through appropriate policies and business models. Decentralized solar power can help spread critical services in remote regions if the upfront capital constraints can be addressed. It should revisit the potential import duties on solar panels, since this may not increase domestic production, but may raise the cost of solar power.
Similarly, scaling up the electrification and adoption of public transport will be critically important to reduce traffic congestion and air pollution. This should involve closer coordination with the electricity sector and a greater focus on vehicle charging infrastructure. Continued investment in cold storage facilities and supply chains will ensure the preservation and timely delivery of agricultural produce and reduce losses to farmers.