short note on impact of covid 19 on economy?
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Explanation:
Once there lived a farmer in a village. He was very hardworking. He had made a good fortune with great toil and sweat over years. He had three sons. All strong and healthy, but very lazy. This worried the farmer.
The farmer grew old and sick. But still, his sons spend their time sleeping, eating and playing. He became more and more anxious about their future. He wanted his sons to take care of his fields as he did. So, one day, he called his sons to his side and said: “dear sons, there is a great treasure hidden in one of my fields to make sure that you three never go hungry”. After a few days, the farmer died and the sons were very sad for some time. After that, the sons decided to search for the treasure which their father had told. The Farmer and his lazy sons storyThey took the farmer’s spades and mattocks and dug every portion of their field hunting the treasure. But they found nothing.
A friend of their father saw this and suggested them to sow some seeds as they have already tilled their fields. They accepted the suggestion and did the same.
It rained well that season. Days passed. The fields rewarded their labour with abundant crops that season. The sons were delighted to see crops swinging with the wind in their fields. The Hidden TreasureThe sons realized what was the hidden treasure and said to each other “this is the treasure our father wanted us to find”. From that day on the sons did away with their laziness and started working hard.
Moral of the farmer and his lazy sons story
Fruits of hard work are always sweet
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Hey Mate !
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. The World Bank and rating agencies had initially revised 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. State Bank of India research estimates a contraction of over 40% in the GDP in Q1 FY21.
Economic situation
In India up to 53% of businesses have specified a certain amount of impact of shutdowns caused due to COVID-19 on operations (FICCI survey). By 24 April the unemployment rate had increased nearly 19% within a month, reaching 26% unemployment across India, according to the "Centre for Monitoring Indian Economy".[1] Around 140,000,000 (14 crores) Indians lost employment in the lockdown. More than 45% households across the nation have reported an income drop as compared to the previous year. Various business such as hotels and airlines have cut salaries and have laid off employees. Revenue of Ola Cabs went down nearly 95% in March-April resulting in 1400 layoffs. It is estimated that the loss to the tourism industry will be ₹15,000 crore (US$2.1 billion) for March and April alone. CII, ASSOCHAM and FAITH estimate that a huge chunk of the workforce involved with tourism in the country faces unemployment.[154] Live events industry has seen an estimated loss of ₹3,000 crore (US$420 million).
A number of young startups have been impacted as funding has fallen.[10] A DataLabs report shows a 45% decrease in the total growth-stage funding (Series A round) as compared to Q4 2019.[11] According to a KPMG report venture capital in Indian startups has fallen over 50% in Q1 2020 from Q4 2019. Government revenue has severely been affected with taxes collection going down, and as a result the government has been trying to find ways of reducing its own costs.
In April, former Reserve Bank of India chief Raghuram Rajan said that the coronavirus pandemic in India may just be the "greatest emergency since Independence" while the former Chief Economic Advisor to the Government of India said in April that India should prepare for a negative growth rate in FY21
The Indian economy is expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21 days of the lockdown, according to Acuité Ratings. Barclays said the cost of the first 21 days of shutdown as well as the previous two shorter ones will be total to around ₹8.5 lakh crore (US$120 billion).Confederation of Indian Industry (CII) had sought an economic fiscal stimulus package of 1% of India's GDP amounting to ₹2 lakh crore (US$28 billion).The fiscal package and fiscal policies approach is being compared to what has happened in other countries such as Germany, Brazil and Japan.[160] Jefferies Group said that the government can spend ₹1.3 lakh crore (US$18 billion) to fight the impact of coronavirus.[161] Bloomberg's economists say at least ₹2.15 lakh crore (US$30 billion) needs to be spent.[161] Former CEA Arvind Subramanian said that India would need a ₹10 trillion (US$140 billion) stimulus to overcome the contraction.
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