Covid-19 : A Battle Against The Indian Economy

We're living in the 21st century, struck by one of the deadliest pandemics of all time. While India is burning without oxygen, the economy everywhere is immensely affected. Factories, shops, and markets have shut down, transport services discontinued, the list is endless. The impact has been most pronounced in India, with cases surpassing 5 lacks a day, an all-time worldwide high.

COVID-19 is having an enormous impact on Indian businesses. Several multinationals all over India are going through economic recessions and are firing people because of excessive money loss. People are finding it impossible to fund for themselves. The lack of resources adds to their anxiety and depression. Well-off families are having to cut corners just to meet basic needs. While the cases mount, investors fear another market crash. There may be near-term tension but most investors will look past the pandemic. Experts urge investors to use any correction in the stock market to invest. However, the overall impact will be milder in comparison to last year's devastation. Experts say that extent of economic loss during the second wave will primarily depend on how fast the chain of infections can be broken.

The hospitality, tourism, and entertainment sectors have been hit hard during the second wave. Pressure is mounting on other sectors like consumer durables, aviation, and real estate as well.

To conclude, this economic crisis today can be taken as a lesson that the social value, and therefore the productive value, of the spaces we all share is ultimately priceless.

~ Aashree Jain and Ria Devika Bhasin

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For more information, do check the following sites-

Information- https://en.wikipedia.org/wiki/COVID-19_recession_in_India#:~:text=More%20than%2045%25%20of%20households,declared%20following%20the%20coronavirus%20outbreak. https://journals.sagepub.com/doi/full/10.1177/0972262921989126 https://economictimes.indiatimes.com/news/coronavirus-impact-on-indian-economy

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