Question

write a short note on India under lockdown(highlight the impact on the indian economy and on the common man​

Answer 1

Answer:

The covid-19 epidemic is the first and foremost human disaster in 2020. More than 200 countries and territories have confirmed effective medical cases, caused by coronavirus declared a pandemic by the WHO. Recent growth rate case globally has accelerated to more than 12,00,000 covid-19 confirmed cases and more than 66,000 deaths till April 1, 2020.

As we have already acknowledged that India is a developing economy, it is stated as an economy passing through demand depression and high unemployment, with 21-day lockdown announced by Prime Minister Narendra Modi on March 23, 2020, it would slowdown the supply-side, accelerating the slowdown further and jeopardising the economic wellbeing of millions.

With an increasing number of coronavirus cases, the government has locked down transport services, closed all public and private offices, factories and restricted mobilization. Based on recent studies, some economists have said that there is a job loss of 40 million people (MRD report) in the country, mostly in the unorganized sectors.

In this scenario, they are predicting that India would go into recession affecting the unorganized sector and semi-skilled jobholders losing their employment. It may also likely surface that at this time of eroding trust within and between countries – with national leadership under pressure from growing societal unrest and economic confrontations between major powers if we refer to the times of Ebola crisis in Africa.

The labour sector under the MGNREGA, 2005 are worst impacted as they are not provided jobs due to lockdown, most of the labour sectors are associated with the construction companies and daily wage earners. Travel restrictions and quarantines affecting hundreds of millions of people have left Indian factories short of labour and parts, just-in-time supply chains and triggering sales warnings across technology, automotive, consumer goods, pharmaceutical and other industries.

If we refer to the recent measures announced by the government and the RBI to mitigate the impact of the pandemic, as said by the RBI governor, these are only for short term and may not deliver the desired results as the problem is severe and has been further aggravated by the lockdown.

The quarterly GDP growth has consistently fallen since Q4 of FY18. If there is a deviation in Q4 of FY19, as shown in the graph below, it is because the National Statistical Office (NSO) revised its data on February 28, 2020, drastically cutting down growth rates in the first three-quarters of FY19 (from 8% to 7.1% for Quater1; from 7% to 6.2% in Quarter 2 and 6.6% to 5.6% in Quarter 3.

Explanation:

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Answer 2

Answer:

• India is one of the hardest hit countries by the coronavirus (covid 19) pandemic. Coronavirus disease 2019 (COVID 19) is an infectious disease caused by the severe acute respiratory syndrome coronavirus.

• To reduce the spread of the virus, the Indian government had imposed a nationwide lockdown. While the lockdown has hit the economy, the number of infections continued to rise and the growth prospects were collapsing.

• In this context, affected countries had tried to slow down the  transmission of the virus through social distancing, lockdowns and increasing the number of testing and treatment facilities.

• India has had four lockdowns (from March 25, 2020 to May 31, 2020) and two unlock periods (from June 1 to July 31, 2020). Aerosol optical depth (AOD) was analyzed  during different phases of the lockdown in India.

• The economic impact of the coronavirus pandemic in India has been largely disruptive. India's growth slowed to 3.1% in the 4th quarter of revenue 2020, according to the Ministry of Statistics.

• In India, up to 53% of businesses have reported some level of impact of coronavirus shutdowns on operations according to a March FICCI survey.

• As of April 24 2020, the unemployment rate had risen nearly 19% in a month, reaching 26% across India, according to the Center for Monitoring the Indian Economy.

• On March 27 2020 Moody's Investors Service (Moody's) revised its 2020 GDP growth estimate for India to 2.5% from 5.3%.

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