write an essay on the topic coronavirus and its effect on people and economy of country (250 words)
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Explanation:
Essay
The economic impact of the COVID-19 pandemic in India has been largely disruptive. 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 Government of India announced a variety of measures to tackle the situation, from food security and extra funds for healthcare and for the states, to sector related incentives and tax deadline extensions. On 26 March a number of economic relief measures for the poor were announced totaling over ₹170,000 crore.A global recession now seems inevitable. But how deep and long the downturn will be depends on the success of measures taken to prevent the spread of COVID-19, the effects of government policies to alleviate liquidity problems in SMEs and to support families under financial distress. It also depends upon how companies react and prepare for the re-start of economic activities. And, above all, it depends on how long the current lockdowns will last.
The country is facing an extra ordinary challenging time in this financial year. India has to urgently find a way to cushion the demand side shocks induced by potential lockdowns and other ongoing containment measure.
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