main indian and global issues that occured during the lockdown period
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The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
The World Bank and rating agencies had initially revised India's growth for FY2021 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. (The ratings of over 30 countries have been downgraded during this period.) On 26 May, CRISIL announced that this will perhaps be India's worst recession since independence. State Bank of India research estimates a contraction of over 40% in the GDP in Q1 FY21.
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Such debates — about the merits of the decisions India has made in tackling Covid-19 — are now legion. Everything, from India’s early handling of foreign travellers and airport protocols to testing strategies, ill-equipped healthcare workers, poor handling of migrant workers and meagre support for the industry, is being debated threadbare in locked-down drawing rooms and overheated social media. It’s understandable when the nation is at war with a deadly invisible enemy — a virus. Panic-stricken citizens, confined to their home bunkers, are closely monitoring grim news flowing in from home and abroad. Infections and death counts are rising. Doctors are attacked. Healthcare staff demand masks and protective gears even as hotels and trains are converted into quarantine zones and hospitals.
The war against Covid-19 has also opened a battlefront elsewhere. The unprecedented 21-day lockdown has unsettled lives, halted the economy and pushed India Inc deeper into crisis even as pain on the employment front looks inevitable. These difficulties are only dwarfed by the hardships and devastation faced by millions of migrant workers and daily-wage labourers, with little economic buffer or welfare safety net. Some have questioned the lockdown. “I see no logic in this sweeping lockdown in a country in which 94% are below 65 (years of age)...,” Bajaj Auto managing director Rajiv Bajaj said in a media interview. Adds another labour expert who asked not to be quoted: “We have a fundamental problem of misframing the issue. We are putting health risk before economic risk. For informal workers who survive day to day, health and income are equally proximate issues. You can’t prioritise one over the other.”