Covid-19 pandemic has tested resilience of the economies across the world. Just like our body should have adequate immunity to fight covid-19, our economy too should be resilient enough to withstand covid-19 restrictions, so the suffering to the public and monetary loss in the economy can be minimized.
In absence of other measures, Government across the world used lockdown and restrictions as a tool to manage the spread of covid-19. Though people suffer everywhere, but the level of suffering and hardships that Indians faced was unmatched because, unlike developed countries, there is huge poverty in India. Millions of people are daily wage earners in India. Their livelihoods depend on their daily wages. Likewise, people such as private teacher/home tutor, street vendors, mining workers, construction laborers etc. have lost their livelihoods.
Overall, each dimension of the economy has been badly hit. GDP for the first times since decades, seen negative growth. There has been pay cuts and layoffs on large scale across all the sectors, further worsening the job crisis. Millions of people plunge into severe poverty, eroding gains that India made in the last decades by uplifting people out from poverty. High inflation caused by supply side owing to lockdowns, and low-income due to job loss sandwiched the public between dual hardships.
It is safe to say that the covid-19 has devastated India’s economy, causing huge loss and hardships. Now, it is time to for India to focus on recovery and prepare itself to face such pandemiclike events. It is time to rethink, redesign and rebuild supply-chains for making India’s economy resilient against such shocks in future. Besides, India now need to build world class healthcare infrastructure that should not be just confine to big cities and but also reaching to the villages.
Covid-19 pandemic has
tested
resilience of the
economies
across the world.
Just
like our body should have adequate immunity to fight
covid-19
, our
economy
too should be resilient
enough
to withstand
covid-19
restrictions,
so
the suffering to the public and monetary loss in the
economy
can
be minimized
.
In absence of other measures,
Government
across the world
used
lockdown and restrictions as a tool to manage the spread of
covid-19
. Though
people
suffer everywhere,
but
the level of suffering and hardships that Indians faced
was unmatched
because
, unlike
developed countries
, there is huge poverty in India. Millions of
people
are daily wage earners in India. Their livelihoods depend on their daily wages.
Likewise
,
people
such as private teacher/home tutor, street vendors, mining workers, construction laborers etc. have lost their livelihoods.
Overall
, each dimension of the
economy
has been
badly
hit. GDP for the
first
times since decades,
seen
negative
growth. There has been pay
cuts
and layoffs on large scale across all the sectors,
further
worsening the job crisis. Millions of
people
plunge into severe poverty, eroding gains that India made in the last decades by uplifting
people
out from poverty. High inflation caused by supply side owing to lockdowns, and low-income due to job loss sandwiched the public between dual hardships.
It is safe to say that the
covid-19
has devastated India’s
economy
, causing huge loss and hardships.
Now
, it is time to for India to focus on recovery and prepare itself to face such
pandemiclike
events
. It is time to rethink, redesign and rebuild supply-chains for making India’s
economy
resilient against such shocks
in future
.
Besides
, India
now
need to build world
class
healthcare infrastructure that should not be
just
confine to
big
cities and
but
also
reaching to the villages.