speech on the topic Positive impact on covid 19......
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While the fear of the novel coronavirus pandemic is still spreading, air pollution and noise pollution are significantly decreasing. On the one hand, people are staying indoors to avoid chances of contamination. On the other hand, sightings of migratory birds, and endangered species of animals have become daily updates on social media. The novel coronavirus may be claiming victims all across the globe and keeping people sealed indoors due to the spiralling fear and mass confusion, it seems so have certain positive effects in India as well as abroad.
It’s a big opportunity for the Indian economy
The Reserve Bank of India and the government will have to act quickly as a united front. Think tax cuts, increased liquidity, forbearance to lenders, credit and credit-guarantee to SMEs, and lower interest rates.The post-COVID-19 scenario for India does not look as grim as most people deem it to be according to leading economists of the country. Combined with a stimulus package of $100-120 billion, it will restore the purchasing power to the populace sooner than earlier deemed during the onset of the COVID-19 crises.
If India takes a leaf out of the pages of the US and Singapore economies and trusts the indigenous businesses, the economic recovery will be much sooner for the country.
Falling prices of fuel
As of the beginning of April, the state fuel retailers in Delhi sold around 17% less petrol and 25% less diesel in March 2020, as compared to March 2019.
This comes after the initiation of a country-wide lockdown, where all major transportation have been stopped to control and contain the spread of the novel coronavirus. Private vehicles on the roads is a rare sight as well. By the second week of March 2020, local prices of petrol and diesel were down by INR 4.55 and INR 4.70 per litre in Mumbai. Economists expect diesel and petrol prices to drop further as crude oil prices hit a 13-month low in India. The crude oil prices in the US are falling steadily and the cost might average out at $43 per barrel in 2020 in contrast to $64 per barrel in 2019. A $1 drop in crude oil prices will correspond to a reduction in the country’s import bill by a sharp INR 2,900 crore. The falling rates of crude oil will leave more liquid cash in the hands of the vehicle owners by the end of 2020. However, economists also state that there is a good chance that the state and central governments will increase the duty on fuels to make up for the revenue deficits.
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