speech on Corona virus pandamic: opportunity of economic growth of india
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Covid-19 that originated from China, has claimed its toll in Italy, Germany, Taiwan, Singapore, Hongkong, France, Canada, Russia, USA, India among other countries. Lakhs of people have been infected globally by the Covid-19 with five to ten percent deaths due to thi deadly disease. The World Health Organization (WHO) is taking twists and turns in its announcements about Covid-19 pandemic.
Cases in India have also shot up sharply running into lakhs. Various preventive measures like Lock Down, Social Distancing, Frequent washing of hands, wearing masks, PPE Kits have delayed the spread of Corona virus in India. This has given more time to the country to make proper medical and preventive arrangements to fight the pandemic.
Latest Update: The total number of cases in India, infected by Corona Virus have gone up to 3,32,783 and the death toll has gone up to 9523 as on June 15, 2020. In a single day more than 11000 cases have been added. Government of India has applied five countrywide lock down since March 22, 2020 to check the further spread of Corona Virus
Relief Package Announced
Government of India has announced Rs.20 lakh crore relief package to revive the economic growth. The Reserve Bank of India has already announced the key policy measures to counter economic slowdown and joined the fight against the corona virus.
India expects most multinationals operating from China to leave that country and establish the new manufacturing base in India which will help the Indian Economy to bounce back with high growth rate.
Global Economy, which was already reeling under severe slow down, is facing the brunt of the virus. Visa bans on tourists and restrictions on visiting the other countries have put the tourism, aviation and hospitality industry in jeopardy. Social gatherings, malls, schools, multiplexes are closed till the situation improves.
More than 100 countries in the world are affected by the virus and apart from China from where the virus spread, they include India, USA, UK, Canada, Hong Kong, Singapore, Taiwan, Italy, Iran, Japan, South Korea, North Korea, Thailand, Malaysia, Philippines among others.
India has however taken timely measures to control the situation. A few have fully recovered while others are recovering fast.
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‘Notified Disaster’
Government of India as well as State governments are treating and monitoring the situation closely to control the coronavirus pandemic. The Ministry of Home Affairs has decided to treat Covid-19 as a "notified disaster". This will enable the states to spend a larger chunk of funds from the State Disaster Response Fund (SDRF) to fight the pandemic.
Opportunity for Growth of Indian Economy
India’s economy was already suffering from slow down. The corona virus has brought various segments to stand still. For example retail, entertainment, hospitality, aviation, tourism sectors are suffering the most. Yet there is silver lining for India, as it could turn this problem into an opportunity also with more exports and achieving high growth rate.
The impact of Coronavirus outbreak in China could have been disastrous for India, had the selective steps not been taken by India.
Economists are of the opinion that the disruption caused by the virus in China could pave way for more foreign investments in emerging economies like India, Bangladesh, and Vietnam as the world looks to reduce dependency on China, the largest manufacturing hub in the world.
Experts feel that India has a good chance of becoming an attractive manufacturing hub given the present situation, provided the government changes some of its trade policies to bring down commodity prices. An example of Vietnam, which has gained a huge growth boost due to higher density of electronics manufacturing, is before everyone.
H Nemkumar, Head - Institutional Equities, IIFL, said that ill-fated coronavirus outbreak in China has offered India with an opening to revive the 'Make in India' programme.
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Cases in India have also shot up sharply running into lakhs. Various preventive measures like Lock Down, Social Distancing, Frequent washing of hands, wearing masks, PPE Kits have delayed the spread of Corona virus in India. This has given more time to the country to make proper medical and preventive arrangements to fight the pandemic.
Latest Update: The total number of cases in India, infected by Corona Virus have gone up to 3,32,783 and the death toll has gone up to 9523 as on June 15, 2020. In a single day more than 11000 cases have been added. Government of India has applied five countrywide lock down since March 22, 2020 to check the further spread of Corona Virus
Relief Package Announced
Government of India has announced Rs.20 lakh crore relief package to revive the economic growth. The Reserve Bank of India has already announced the key policy measures to counter economic slowdown and joined the fight against the corona virus.
India expects most multinationals operating from China to leave that country and establish the new manufacturing base in India which will help the Indian Economy to bounce back with high growth rate.
Global Economy, which was already reeling under severe slow down, is facing the brunt of the virus. Visa bans on tourists and restrictions on visiting the other countries have put the tourism, aviation and hospitality industry in jeopardy. Social gatherings, malls, schools, multiplexes are closed till the situation improves.
More than 100 countries in the world are affected by the virus and apart from China from where the virus spread, they include India, USA, UK, Canada, Hong Kong, Singapore, Taiwan, Italy, Iran, Japan, South Korea, North Korea, Thailand, Malaysia, Philippines among others.
India has however taken timely measures to control the situation. A few have fully recovered while others are recovering fast.
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